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State of California Franchise Tax Board

Changes to 2011 Forms

Updates to the Form 3551 on 6/23/2011 — Sale of Credit Attributable to an Independent Film

We added text on Form 3551:

  1. Side 1, Part I, Inserted a line.
  2. Side 1, Part II, Question 3: We removed text.

Previous Version

  1. Check the box if the seller is a Single Member Limited Liability Company (SMLLC)

  2. If you answer “Yes,” you are required to attach an additional schedule (see instructions for Part II), then go to Part III. If you answer “No,” go to part III.

Revised Version

  1. Check the box if the seller is a Single Member Limited Liability Company (SMLLC)

    If you are an LLC please choose the appropriate box selecting your election to be treated as a
    partnership. corporation.

  2. If you answer “Yes,” you are required to attach an additional schedule (see instructions for Part II), then go to Part III. If “No,” go to part III.

Reason for the changes

To determine which way the taxpayer (or seller) is electing to be treated.

Impact

No impact on tax liability.

Back to Tax Form Changes for 2011

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