Fillable Schedule D (541) - Capital Gain Or Loss

TAXABLE YEAR

CALIFORNIA SCHEDULE

2016

Capital Gain or Loss

D (541)

Attach to Form 541 or Form 109.

Name as shown on the tax return

FEIN

Part I

Capital Gain and Loss

(a)

(b)

(c)

(d)

(e)

(f)

Description of property:

Date acquired

Date sold

Gross sales price

Cost or other basis, as

Gain (or loss)

Example, 100 shares 7%

(mm/dd/yyyy)

adjusted, plus expense of sale

column (d) less column (e)

preferred of “Z” Co.

2 Capital gain from installment sales from form FTB 3805E, line 26 or line 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Enter your share of net gain or (loss) from partnerships, S corporations, limited liability companies (LLCs), and other fiduciaries . . .

4 Capital gain distributions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Net gain or (loss). Combine line 1, column (f), line 2, line 3, and line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Enter gain, if applicable, from California Schedule D-1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Capital loss carryover from 2015. There is no capital loss carryover from a decedent to an estate. . . . . . . . . . . . . . . . . . . . . . . . .

8 Net gain or (loss). Combine line 5, line 6, and line 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part II Summary of Part I

(a)

(b)

(c)

Beneficiaries

Fiduciary

Total

9 Enter the net gain or (loss) from line 8, above. If line 9, column (c), is a net gain,

enter the gain on Form 541, line 4 or Form 109, Side 2, Part I, line 4a. If line 9,

column (c),is a net loss, complete Part III. See instructions . . . . . . . . . . . . . . . . . . . . 9

Part III Computation of Capital Loss Limitation

10 Enter here and enter as a loss on Form 541, line 4 or Form 109, Side 2, Part I, line 4c the smaller of:

The net loss on line 9, column (c) or $3,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Instructions for Schedule D (541)

Capital Gain or Loss

References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2015, and to the California Revenue and Taxation Code (R&TC).

General Information

A Purpose

Qualified Small Business Stock

California does not conform to the qualified

In general, for taxable years beginning on or

Use Schedule D (541), Capital Gain or Loss,

small business stock deferral and gain

after January 1, 2015, California law conforms

to report gains and losses from the sale or

exclusion under IRC Section 1045 and IRC

to the Internal Revenue Code (IRC) as of

exchange of capital assets by an exempt

Section 1202.

January 1, 2015. However, there are continuing

organization, estate, or trust. Generally,

differences between California and federal

California law follows federal law.

C Basis

law. When California conforms to federal tax

To report sales or exchanges of property

law changes, we do not always adopt all of

California law generally follows federal law with

other than capital assets, including the sale

the changes made at the federal level. For

respect to basis. In determining the basis of

or exchange of property used in a trade or

more information, go to ftb.ca.gov and search

property apply one of the following:

business and involuntary conversions (other

for conformity. Additional information can

Gift

than casualties and thefts), get California

be found in FTB Pub. 1001, Supplemental

Schedule D-1, Sales of Business Property.

Generally, use the donor’s basis if the

Guidelines to California Adjustments, the

transaction results in a gain. Use the lower

If property is involuntarily converted because

instructions for California Schedule CA (540 or

of the donor’s basis or the fair market value

of casualty or theft, complete federal

540NR), and the Business Entity tax booklets.

(FMV) on the date of the gift if the transaction

Form 4684, Casualties and Thefts, using

The instructions provided with California tax

results in a loss.

California amounts.

forms are a summary of California tax law

Inherited property

California does not have a special capital gain

and are only intended to aid taxpayers in

Use the FMV at the date of death, unless an

tax rate.

preparing their state income tax returns. We

alternate valuation date election is made under

include information that is most useful to the

B Miscellaneous Information

IRC Section 2032.

greatest number of taxpayers in the limited

For special cases involving property acquired

space available. It is not possible to include

See the instructions for federal Schedule D

from a decedent before 1987, see former R&TC

all requirements of the California Revenue

(Form 1041), Capital Gains and Losses, for the

Sections 18031 through 18033.

and Taxation Code (R&TC) in the instructions.

definition of capital assets.

Taxpayers should not consider the instructions

In computing gross income, no distinction is

as authoritative law.

made between gains and losses allocable to

income account and those allocable to corpus

account.

Schedule D (541) 2016 Side 1

7781163

Schedule D (541) - Capital Gain Or Loss - 2016

Related Articles

Related forms

Related Categories