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State of California Franchise Tax Board

Changes to 2012 Forms

Updates to the Form 540/540A Instructions on 03/02/2014 ––Instructions for Forms 540/540A, California Resident Income Tax Return

We replaced text on: Page 11, Column 2, Box A, last bullet

Previous Version

Note: New text added.

Revised Version

Excluded gain on the sale of qualified small business stock.

Reason for the 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.


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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