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Screen CAOtherC - California Other Information (1120)
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Schedule Q Questions
Final return: Effective date of final return
If this is a final California corporation franchise tax or income tax return, enter the code corresponding to the reason for the final return. Select a code from the dropdown or enter a code directly. Enter
1
for Dissolved; 2
for Surrendered (Withdrawn); 3
for Merged / Reorganized; 4
for IRC Section 338 sale; and 5
for QSub election.note
Returns marked as final in the previous year won’t proforma to the current year. If the federal return is marked as final, the client won’t appear in the list of clients that are available to proforma.
Date California business began
Enter the date the California business started. If you leave this blank, the application uses the date of incorporation entered in the federal 1120 screen.
1st return
Enter
X
if this is an initial California corporation franchise tax or income tax return. The application marks the Yes box if this is a federal initial return.note
If this return is marked as a 1st return, the application assumes the corporation is not subject to the minimum franchise tax.
Previous business ownership information
Use the statement to enter the previous business ownership name, EIN, and domestic address if this is the 1st return filed as a successor corporation. If the return is being electronically filed and has a foreign address, select the
Foreign address
entry in the State
column dropdown, and select the country in the (Efile only)
Country Code (other than U.S.)
column dropdown.note
Do
not
enter U.S. in the Country Code
column.Change in control if corporation owned or leased certain real property
Select a code from the dropdown or enter a code directly. Enter
1
for Yes or 2
for No. If you leave this blank, the application marks the corresponding No
box on Form 100 or 100W, Side 3.The detailed text of the question is: During this taxable year, did another person or legal entity acquire control or majority ownership (more than a 50% interest) of this corporation or any of its subsidiaries that owned California real property (that is, land, buildings), leased such property for a term of 35 years or more, or leased such property from a government agency for any term?
Acquire control of entity that owned or leased certain real property
Select a code from the dropdown or enter a code directly. Enter
1
for Yes or 2
for No. If you leave this blank, the application marks the corresponding No
box on Form 100 or 100W, Side 3.The detailed text of the question is: During this taxable year, did this corporation or any of its subsidiaries acquire control or majority ownership (more than a 50% interest) in another legal entity that owned California real property (that is, land, buildings), leased such property for a term of 35 years or more, or leased such property from a government agency for any term?
Majority of stock transferred real property excluded from reassessment
Select a code from the dropdown or enter a code directly. Enter
1
for Yes or 2
for No. If you leave this blank, the application marks the corresponding No
box on Form 100 or 100W, Side 3.The detailed text of the question is: During this taxable year, has more than 50% of the voting stock of this corporation cumulatively transferred in one or more transactions after an interest in California real property (that is, land, buildings) was transferred to it that was excluded from property tax reassessment under R&TC Section 62(a)(2) and it was not reported on a previous year’s tax return?
Ownership information if at any time during the year, more than 50% of the voting stock:
Use the statements to enter ownership detail information, the application marks the corresponding Yes box on Form 100 or 100W, Side 3 for any statement that has detail information. If the return is being filed electronically and has a foreign address, select the
Foreign address
entry in the State
column dropdown, and select the country in the (Efile only)
Country Code
column dropdown. The information in these statements will proforma to next year.note
Do
not
enter U.S. in the Country Code
column.For the EIN/SSN/ITIN column, if a number is not available, enter
Foreign Non-US, Applied For
, or leave blank for other reason.Country of ultimate parent
Enter the country of the ultimate parent. If you leave this blank, the application uses the country code specified in the federal 1120 screen as the default information.
Country of ultimate parent if 1 or 3 applies
Enter the two-letter code for the country or U.S. possession of the country of ultimate parent if 1 or 3 preceding is applicable. Enter the code directly here, or select a code from the dropdown. If you leave this blank, the application uses the country code specified in the federal 1120 screen as the default information.
Location of corporate headquarters
Select a code from the dropdown or enter a code directly. Enter
1
if the corporate headquarters are located within the State of California. Enter 2
if the corporate headquarters are located outside the State of California, but within the United States. Enter 3
if the corporate headquarters are located outside of the United States. If you leave this blank, the application marks the box based on the corporate address.Location of principal accounting records: Address / City, state, ZIP Code
Enter the address of the location of principal accounting records, if different from the corporate address. If you enter data here, you'll need to complete all 4 boxes for an address in the U.S. If you enter an address outside of the U.S., enter (a period) for
State
to indicate a foreign address. If you enter an address in the U.S., do not
enter any data for Country code
.Location of principal accounting records: Foreign country
Enter the two-letter code for the country or U.S. possession of the country of incorporation. Enter the code directly or select a code from the dropdown. The application updates the name based on the code here. If you leave this blank, the application assumes the location of principal accounting records is in the U.S.
note
Do
not
enter U.S. here.Corporation’s only source of income is qualified health care service plan income excluded from gross income
Select a code from the dropdown or enter a code directly. Enter
1
for Yes or 2
for No. If you leave this blank, the application marks the corresponding No box on Form 100 or 100W, Side 3.If the corporation has no income other than qualified health care service plan income that is excluded from gross income under R&TC Section 24330 for the taxable year, then the corporation is exempt from the minimum franchise tax.
Additionally, apportioning corporations with excluded qualified health care service plan income must follow the treatment of apportionment factors attributable to exempt income as explained in FTB Legal Ruling 2006-01 (April 28, 2006).