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Screen CAWE - California Water's-Edge Election and Foreign Interest (1120)

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Overview

Use this screen to complete Form 100-WE and Form 2424.
note
To access this input screen, select File, Client Properties, California tab, and then mark the
Water’s-Edge (Form 100W/100S)
 checkbox.

Form 100W/100S - General Information

Water’s-edge election start date
Enter the start date the election to file on a water’s-edge basis according to Revenue and Taxation Code Sections 25110 and 25113 became effective for the reporting group.
note
The application will print Form 100-WE when the election start date falls within the current taxable period. A copy of the original election must be attached to all subsequent returns filed during the election period. If the return is being filed electronically, the signed, original year election Form 100-WE must be attached as a PDF file.

Form 100-WE - Election by Parent

Use this section to complete Form 100-WE.
Election made by the common parent
Enter
X
 if a common parent is making this election for all members of the controlled group that are includible in the water’s-edge combined report. If there is no common parent election, each member of the water’s-edge group should file its own election.

Form 2424 - Foreign Investment Interest Offset

Total interest expense (Force)
Use this to force an amount on Form 2424, line 2 that is different than the calculated amount. If this is left blank, the application uses the sum of any interest expense reported on Form 100W, Schedule F plus any interest expense reported by includible Controlled Foreign Corporations on federal Form 5471, Schedule C.
Interest expense specifically assignable to foreign investment
Use this to enter the interest expense specifically assignable to foreign investments. See R&TC Section 24344(c) and the regulations there under for further information.
Unassigned interest expense paid on debt incurred before January 1, 1988
Use this to enter the unassigned interest expense that is for debt incurred before January 1, 1988.
note
The application calculates the difference between the total unassigned interest expense reported on Form 2424, line 5 and the amount entered here as the amount of unassigned interest expense paid on debt incurred on or after January 1, 1988.

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