1.0 LOCATING ITEMS ON S CORPORATION AND SHAREHOLDER RETURNS

CALIFORNIA FRANCHISE TAX BOARD S Corporation Manual

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1.0 LOCATING ITEMS ON S CORPORATION AND SHAREHOLDER RETURNS

1.1 Diagram of Federal Form 1120S

1.2 Diagram of California Form 100S 1.3 Diagram of California Form 540 1.4 Glossary of Terms

The information provided in this manual does not reflect changes in law, regulations, notices, decisions, or administrative proc edures that may have been adopted since the last update.

1.1 DIAGRAM OF FEDERAL FORM 1120S

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Federal Form 1Federal Form 1Federal Form 11205 S corFederal Form 11205 S Federal Form 11205 S Federal Form 11205 poration 2015 Tax Return corporation 2015 Tax Rcorporation 2015 Tax S corporation 2015

1205 S corpora1205 S corpor

eturn

Return

Tax Return

tion 2015 Tax Ration 2015 Tax

eturn

Return

Page 1 entity information IncoPage 2 Schedule B - Other IPage 3 Schedule K- SharehoPage 4 Schedule K- ContiPage 5 Schedule M-1 RePage 5 Schedule M-2

me/Deductions/Tax and Paymentsnformation

lders' Pro Rata Share Items nued Schedule L - Balanconciliation of Income (LAccumulated Adjustm

ce Sheets per Books oss) per Books to T/R ents Account

Line 2 Cost of Goods Sold (COLine 1 Accounting Method uIncome (Loss) Line 8a - Net Schedule K - Other InforIf noted, refer to the staIf noted, refer to the s

GS) Attach Form 1125-A

sed by Entity

Long-Term Capital Gain (lossmation Line 17a - Investtement or attachment tatement or attachment

) Attach Schedule D

ment Income

Line 4 Net Gain (Loss) SeparaLin e 3 If shareholder is a diDeductions Line 11 - SectioSchedule K - Reconciliati

te Attachment Form 4797 sregarded entity, trust, estan 179 Deduction Separate Aon Line 18 - Income/Loss

te etc. Attach Schedule B-1 ttachment Form 4562

Reconciliation

Lin e 14 Depreciation DeductiLine 4a Disclosure of Entity'Credits Line 13g - Other CreditsSchedule L - Balance She

on

Separate

Attachment

Form

4562s a

%FoorfeOigwnnoerrsDhoipmiensStitcocCkoorpf Credits

Line

13g

-

Other

Creditsets

per

Books

oration

Line 22a Excess Net Passive ILine 4b Disclosure of Entity'Foreign Transactions Line 14If noted, refer to the stat

ncome - refer to Tax Workshees % of Ownership in Foreign b - Gross Income from All Soement or attachment

t Page 20 of Instructions

or Domestic Partnership urces Line 14l - Total Foreig

n Taxes

Line 22b Built-In Gains Tax SeLine 8 Disclosure of Net UnrAlternative Minimum Tax (A

parate Attachment Schedule ealized Built-in Gain

MT) Items Line 15b - Adjust

D - Part III Line 23

ed Gain or Loss

If noted, refer to the attachmeLin e 11 Cancellation of DebItems Affecting Shareholder

nt, worksheet or statement t to Non-shareholder

Basis Line 16d - Distributions

The information provided in this manual does not reflect changes in law, regulations, notices, decisions, or administrative p rocedures that may have been adopted since the last update.

1.2 DIAGRAM OF CALIFORNIA FORM 100S

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CaliforniaForm CaliforniaForm California Form 1005 CA California Form 1005 CCalifornia Form 10California Form 1005 C S Corporation 2015 Tax A S Corporation 2015 05 CA S CorporatioA S Corporation 2015

1005 CA S Cor1005 CA S CorReturn

Tax Return

n 2015 Tax Return Tax Return

poration 2015 poration 2015

Tax Return Tax Return Side 1 Entity Information/ ScSide 2 State Adjustments (cSide 3 Schedule Q Questions (CSide 4 Schedule F - CompuSide 5 Schedule M-1 - Side 6 Schedule K - S Corp.

hedule Q Questions/ & State Adjustments

on t.) CA Payment t Due

Ns/eRteIfnucnodmoer/ATmaxoeusn/o-TanAxtd.Cdfr-roOemdnitTSsaixdees1&) /R&ecSacphteudreuloe

J f

tation of Trade or Business Reconciliation of IncoShare holder 's Share o f In

Income/ & Schedule L - Balme (Loss) per Books Wcome, Deductions, Credits etc.

ance Sheet

ith Income (Loss) per T/R

Line 1 - Ordinary Income (LoLine 10 - Water's- Edge DiviLine G - Maximum Number Line 1c - Net Gross ReceiptsSchedule M-2 - CA AIncome ( Loss) Line 1 - O

ss) from Federal Form 1120S dend Deduction Attach Scheof Shareholders in the S co

ccumulated Adjustrdinary business Income

Lin e 21

dule H

rporation at any time duri

ments Account (AAA)(loss)

ng the year

Line 4 - Net Capital Gain AttLine 17 - Net Operating Loss Line 1 - LIFO recapture duLine 4 - Net Gain (Loss ASchedule V - Cost of Other Income (Loss) Line

ach Schedule D

Deduction

e to S corporation election ttach Schedule

Goods Sold

10b - Other Income (loss

(IRC Section 1363(d))

) Attach Schedule

Line 5 - Depreciation & AmoLine 21 - Tax Amount or MinLine 14c - Depreciation LeDeductions & Credits Line 12

rtization Adjustments Attach imum Franchise Tax Schedule B

ss Depreciation lsewhere

reported

eeSc-hOetdhueler

Deductions - Attach Line13d - Other Cre

dits - Attach Schedule

If noted, refer to the statemLine 24 - Credits from CA ScLine 20 - Other Deductions Alternative Minimum Tax

ent or attachment

hedule C (100S) Separate AAttach Schedule

(AMT) Items Line 15e - O

ttachment

ther AMT Items

Line 35 - Total Payments

Schedule L - Balance Sheet Items Affecting Sharehold er Basis Li e 16d - Total Pr operty Distributions

Line 42 - Refund Line 44 - ToIf noted, refer to the statemOther Information Line 17a

tal Amount Due

ent or attachment

- Investment Income

Other State Taxes Lin e 18e - Total Other State Taxes

Reconciliation Line 19 - Inco me (loss) required only if Sc hedule M-1 is completed

The information provided in this manual does not reflect changes in law, regulations, notices, decisions, or administrative p rocedures that may have been adopted since the last update.

Page 4 of 5

1.3 DIAGRAM OF CALIFORNIA FORM 540

California Form 5California Form 5California Form 540 CA RCalifornia Form 540 CA California Form

40

CA

Resident

In40

CA

Resident

Inensfiodre2n0t 1In5come

Tax

ReturResident Income urn for 2015

Tax

Ret540 CA Residen t Income Tax R

come Tax Return come Tax Return

eturn for 2015

for 2015

for 2015

Side 1 CA Resident InformationSide 2 Taxable Income/Tax/ Side 3 Payments/ Use Tax & Side 4 Contributions Special Credits & Other TaxesOverpaid Tax/Tax Due

Side 5 Amount Y ou Owe Interest & Penalties Refu nd & Direct Deposit

Date of Birth

Line 13 - Federal Adjusted Line 71 - California income i.e., CA Sea Otter Fund/ KeLine 111 - Amou

Gross Income from Form 1tax withheld

ep Arts in Schools Fund & nt You Owe

040, 1040A or 1040EZ

CA Firefighter's Memorial fund

Prior Name Filing Status

Line 14 - CA Adjustments - Line 91 - Use Tax - See instrLine 112 - Interest late ret

Subtractions - Attach Scheuctions

urn penalties & late paym

dule CA (540)

ent penalties

Line 16 - CA Adjustments - Line 94 - Overpaid tax Line 9L4in-eO1v1e5rp-aRideftuanxdLOinreNo A

Additions - Attach Schedule 97 - Tax Due

97 - TmaxoDunuteDue

CA (540)

Exemptions

Line 31 - Tax Amount per T ax Table or Tax Rate Schedule

Lines 43 & 44 - Credits Cre dit name, Code and amoun t of credit is required

Line 61 - Alternative minim um tax - Attach Schedule P (540)

The information provided in this manual does not reflect changes in law, regulations, notices, decisions, or administrative procedures that may have been adopted since the last update.

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1.4 GLOSSARY OF TERMS

The following list includes typical S corporation terms:

TERM

AAA BIG or BIG's BIL or BIL's COD CODI C/G C/L CGS or COGS E&P ENPI LLCs FEIN FIFO C Corporation or C Corp. GM GP LIFO EZ Hiring Credit NI NOL NOL carryback NPI OAA PTI PTTP QSub QSST R&D Credit S/H or SH SS# or SSN SA or S/A S Corporation or S Corp.

MEANING

Accumulated Adjustments Account Built-in Gains Built-in Losses Cancellation of Debt Cancellation of Debt Income Capital Gain Capital Loss Cost of Goods Sold Earnings & Profits Excessive Net Passive Income Limited Liability Companies Federal Employer Identification Number First-In, First-Out General C Corporation Gross Margin Gross Profit Last-In, First-Out Enterprise Zone Hiring Credit Net Income Net Operating Loss Net Operating Loss carryback Net Passive Income Other Adjustments Account Pass Through Income Post Termination Transition Period Qualified Subchapter S Subsidiary Qualified Subchapter S Trust Research and Development Credit Shareholder Social Security Number State Adjustments Subchapter S Corporation

Revised Date: December 2018

The information provided in this manual does not reflect changes in law, regulations, notices, decisions, or administrative pr ocedures that may have been adopted since the last update.

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