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Screen CACFC2 - California Controlled Foreign Corporations, Page 2 (1120)
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Income and Apportionment Items
Subpart F income (Force)
Enter an amount to override the calculated Subpart F income reported on Form 2416. If this field is left blank, the application uses the amount on federal Form 5471, Schedule I, line 1.
note
If there's no Subpart F income for California purposes, none of the income or factors of this CFC will be included in the water’s-edge combined report.
Current year earnings and profits (Force)
Enter an amount to override the calculated current year earnings and profits reported on Form 2416. If this field is left blank, the application uses the amount reported on federal Form 5471, Schedule H, line 5d.
note
If there's no current year earnings and profits amount for California purposes, none of the income or factors of this CFC will be included in the water’s-edge combined report.
Net income (Force)
Enter an amount to override the calculated net income reported on Form 2416. If this field is left blank, the application uses the amount (in U.S. dollars) reported on federal Form 5471, Schedule C, line 21.
Property everywhere
Use the statement to enter the description as well as the beginning and ending value of property held by the controlled foreign corporation (CFC). The application uses the information reported here to complete Form 2416. The application transfers the applicable value to Schedule R-1 to be included in the apportionment calculation based on the description selected from the dropdown list.
Rent expense
Enter the actual rent expense incurred by the controlled foreign corporation (CFC). The application multiplies this amount by 8 and uses the capitalized amount to complete Form 2416. The application transfers the applicable value to Schedule R-1 to be included in the apportionment calculation.
Payroll everywhere
Enter the value of payroll expense incurred by the controlled foreign corporation (CFC). The application uses the information reported here to complete Form 2416. The application transfers the applicable value to Schedule R-1 to be included in the apportionment calculation.
Sales everywhere
Use the statement to enter the description and amount of sales made by the controlled foreign corporation (CFC). The application uses the information reported here to complete Form 2416. The application transfers the applicable value to Schedule R-1 to be included in the apportionment calculation based on the description selected from the dropdown list.