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Screen CALAMBRA - California Local Agency Military Base Recovery Area Credit (1120)
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Overview
Use this screen to complete Form 3807, Local Agency Military Base Recovery Area Deduction and Credit Summary, and the Credits section of Schedule P for C Corporations or Schedule C for S Corporations.
In order to facilitate data entry of credit information, this credit screen has been designed on an activity-based format. This screen presents the
Unit
and Form
fields in the header.This screen is part of the Farm, Farm Rental, Rent & Royalty, and K1 1065, 1041 folders. For Page 1 and Cost of goods sold-related credit data entry, this screen is also part of the Credits folder. The
Unit
and Form
fields are completed by the application from the information particular to the individual activity.General Information
The application uses information in this section to complete the heading of Form 3807.
note
All LAMBRAs are repealed on January 1, 2014. The LAMBRA NOL is allowed for losses attributable to the taxpayer’s business activities within the LAMBRA through December 31, 2013, without regard to the ending date of the taxpayer’s taxable year. For a taxpayer with a taxable year on a fiscal year basis, this loss is calculated by computing the LAMBRA net operating loss as if the LAMBRA had remained in existence the entire year, then this full year loss is pro-rated by the number of days the taxpayer operated in a LAMBRA for the taxable year over the total number of days in the taxable year. The application calculates this proration.
LAMBRA where business is located
Enter a LAMBRA code directly or select one from the dropdown list. Select the area in which the business and/or investment activity is located. You must enter a LAMBRA code in order for the form to calculate.
Gross annual receipts of business (Force)
Enter the gross annual receipts of the LAMBRA business. If you leave this field blank, the application uses the gross annual receipts from the federal return.
Total asset value of business (Force)
Enter the total asset value of the LAMBRA business. If you leave this field blank, the application uses the asset value from the federal return.
Credit Carryover
Hiring credit prior year carryover
Enter the amount of hiring credit carryover from prior years. The application proformas any remaining unused credit to this field next year. The application includes this amount in the calculation of Form 100 and 100W, Schedule P, Side 2, or Form 100S, Schedule C.
Sales or use tax credit prior year carryover
Enter the amount of sales or use tax credit carryover from prior years. The application proformas any remaining unused credit to this field next year. The application includes this amount in the calculation of Form 100 and 100W, Schedule P, Side 2, or Form 100S, Schedule C.
Apportionment
Inventory / … / Land / Rented property (Annual)
Enter beginning of year and end of year amounts for the apportionment items in the LAMBRA. Note that for income apportionment, the denominator is the total amount within California; and for loss apportionment, the denominator is the total amount everywhere. You must use
View
, then Apportionment
to enter the California or everywhere information. The application uses this to complete Worksheet V of the CA LAMBRA Worksheet, Page 3.Other tangible assets
Use the statement to enter detail of other tangible assets within the LAMBRA. The information entered in the Total columns in the statement is used by the application on Worksheet V for this component. The application ignores the amount in the California or Everywhere / (Override) column in the apportionment spreadsheet for this component. Be sure to enter California amounts in the Total column if the business has income in the current year, and to enter total everywhere amounts in the Total column if the business has a loss in the current year. The application uses this information to complete Worksheet V of the CA LAMBRA Worksheet, Page 3.
Employees’ wages, salaries, commissions
Enter the amount of payroll expense within the LAMBRA. Note that for income apportionment, the denominator is the total amount within California; and for loss apportionment, the denominator is the total amount everywhere. You must select
View
, then Apportionment
to enter this information. The application uses this information to complete Worksheet V of the CA LAMBRA Worksheet, Page 3.Form 3544
Credit assignment information (C Corp)
Use the statement for the appropriate credit type to assign credits to members of a combined reporting group on Form 3544. If there are limitations to be specified for this assignment, enter
X
in the Mark if Limitation column and complete the statement in the Form 3544 credit assignment limitations
field. The application prints Form 3544 in the combined return only, using the information specified for assigning corporations.note
- The Assignee Corporation’s name entered in the statement must exactly match the corporation name of one the members of the combined group.
- It'll be necessary to manually enter the amount of any credits assigned in each assignee corporation’s return next year.
Credit assignment limitations (C Corp)
Use the statement for the appropriate credit type to enter limitation detail for a credit being assigned by this corporation. The Assignee’s FEIN must be completed for each line, and the Type of Limitation column must be completed for each line if efiling the return.
Credit assignee information
Use the statement for the appropriate credit type to enter credit assignee information to be reported on Form 3544A. The credits may be reported either by members of a combined reporting group or S Corporations that were assigned credits while a C Corporation.
note
You must enter an amount in the Credit Claimed in Current Taxable Year column of the statement before finalizing the return. The application can't determine how much of the utilized credit is attributable to the corporation’s activity or that of an assigned corporation. Refer to Schedule P for C Corporations and Schedule C for S Corporations for the total amount of credit utilized in the current year. Combined report groups will need to enter this information in each member’s client after reviewing the combined report. Any line with a calculated credit carryover will proforma to next year.