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State of California Franchise Tax Board

Changes to 2012 Forms

Updates to the Form 3510 on 03/05/2014 –– Credit for Prior Year Alternative Minimum Tax - Individuals or Fiduciaries

We replaced text on Instructions, Page 1, Column 2, Section C - Exclusions and Deferral Preferences, Exclusions, after bullet item 2.

Previous Version

Exclusions are those adjustments and preference items that cause a permanent difference in the amount of tax you pay. The adjustments and preference items include all of the following:

  • The standard deduction or itemized deductions.
  • Depletion.

Revised Version:

Exclusions are those adjustments and preference items that cause a permanent difference in the amount of tax you pay. The adjustments and preference items include all of the following:

  • The standard deduction or itemized deductions.
  • Depletion.
  • The exclusion for 50% of the gain on the sale of qualified small business stock described in California Revenue and Taxation Code (R&TC) Section 18152.5.

Reason For changes:

AB 1412 (Stats. 2013, ch. 546), signed by the Governor on October 4, 2013, retroactively allows the Qualified Small Business Stock (QSBS) deferral and 50 percent gain exclusion for tax years 2008 through 2012.

Impact

This revision may decrease the tax liability for taxpayers who did not report a QSBS exclusion or deferral for taxable years beginning on or after January 1, 2008.

Back to Tax Form Changes for 2012

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