Changes to 2012 Forms
Updates to the Form 540NR (Long) Instructions on 03/02/2014 –– Instructions for 540NR Long Form, California Nonresident or Part-Year Resident Income Tax Return (Long).
We replaced text on Page 20, Column 1, Box A, last bullet.
Note: new text added.
Excluded gain on the sale of qualified small business stock.
Reason for change
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.