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State of California Franchise Tax Board

Changes to 2012 Forms

Updates to the Schedule P (540) on 03/07/2014 –– Alternative Minimum Tax and Credit Limitations - Residents

We replaced text on:

  1. Form, Side 1, Line 13
  2. Form, Side 1, after Line 13j, Pollution control facilities
  3. Form, Side 1, Line 13k
  4. Form, Side 1, Line 13l

Previous Version

  1. 13. Other adjustment and preferences. Enter the amount, if any, for each item, a through l and enter the total on line 13. See instructions.
  2. Note: new text added.
  3. k. Tax shelter farm activities
  4. l. Related adjustments

Revised Version

  1. 13. Other adjustment and preferences. Enter the amount, if any, for each item, a through m and enter the total on line 13. See instructions.
  2. k. Qualified small business stock______________________| 00
  3. l. Tax shelter farm activities
  4. m. Related adjustments

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.

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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