Such taxes that are shown on Form 100, Schedule A, must be added to income by entering the amount on Side 1, line 2 or line 3. Regardless of the net income computation method used, the corporation must attach any form, schedule, or supporting document referred to on the return, schedules, or forms filed with the FTB. Enter the 2020 resident and nonresident or real estate withholding credit from Form 592B, Resident and Nonresident Withholding Tax Statement, and/or Form 593, Real Estate Withholding Statement. These corporations are not doing business in California. New Advanced Strategic Aircraft Credit For taxable years beginning on or after January 1, 2020, and before January 1, 2026, California allows the new advanced strategic aircraft credit to reduce tax below the tentative minimum tax. Multiply line 3 by 10% (.10), Enter the smaller of line 4 or line 5 here and on Side 2, line 14, California Motion Picture and Television Production Credit carryover, Commercial Solar Electric System Credit carryover, Enterprise Zone Sales or Use Tax Credit carryover, New California Motion Picture and Television Production Credit, Targeted Tax Area Hiring Credit Carryover, Targeted Tax Area Sales or Use Tax Credit carryover. A federal election under IRC Section 7704(g)(2) is considered an election for state purposes. Enter the amount of shortterm or longterm capital gains from form FTB 3726 on Schedule D, Part I, line 1, column (f) and/or Part II, line 5, column (f). File the 2020 Form 100 for calendar year 2020 and fiscal year that begins in 2020. For transactions that require withholding, a seller of California real estate may elect an alternative to withholding 3 1/3% of the total sales price. If the corporation claims a credit carryover for an expired credit, use form FTB 3540, Credit Carryover and Recapture Summary, to figure the amount of credit, unless the corporation is required to complete Schedule P (100). California law conforms to this federal provision with modifications. California law requires any business entity that files an original or amended tax return that is prepared using tax preparation software to electronically file (e-file) their tax return with the FTB. R&TC Sections 24347.5 and 24347.11 through 24347.13 provide the treatment for disaster losses incurred in an area declared by the President of the United States or the Governor of California as a disaster area. Enter the amount of federal ordinary income (loss) from trade or business activities before any NOL and special deductions on Form 100, Side 1, line 1. A REMIC is subject to the minimum franchise tax but is not subject to the income or franchise tax. on April 20, 2023, 5:30 PM EDT. Gain from the exercise of California Qualified Stock Options issued and exercised on or after January 1, 1997, and before January 1, 2002, can be excluded from gross income if the individuals earned income is $40,000 or less. Enter on line 15 the amount of this type of income. Do not attach correspondence to your tax return unless the correspondence relates to an item on the return.
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