Changes to 2012 Forms
Updates to the 565 Booklet on 02/12/2013 ––California Partnership Tax Booklet.
We replaced text on Page 5, Column 1, Federal/State Differences, bullet 1.
Previous Version
California does not conform to the qualified exclusion under IRC Section 1045 and IRC Section 1202.
Revised Version
California does not conform to the qualified small business stock deferral and gain exclusion under IRC Section 1045 and IRC Section 1202.
Reason for the changes
We added additional wording that was unintentionally omitted when this sentence was originally revised. This additional wording will help to more accurately convey to taxpayers California’s nonconformity to federal tax law with regard to QSBS deferral and gain exclusion.
Impact
No tax impact.
