California Form 3802 - Corporate Passive Activity Loss And Credit Limitations - 2008
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1Corporate Passive Activity Loss
CALIFORNIA FORM
TAXABLE YEAR
3802
2008
and Credit Limitations
Attach to Form 100 or Form 100W (personal service corporations and closely held C corporations only).
Corporation name
California corporation number
Part I 2008 Passive Activity Loss
Before completing Part I, complete federal Worksheet 1 and Worksheet 2 in the instructions for federal Form 8810 using California amounts.
1 a Current year income from federal Worksheet 2, column (a) . . . . . . . . . . . . . . . . . . . . . . . . 1a
00
b Current year deductions and losses from federal Worksheet 2, column (b) . . . . . . . . . . . . 1b (
) 00
c Prior year unallowed losses from federal Worksheet 2, column (c). . . . . . . . . . . . . . . . . . .
1c (
) 00
d Combine line 1a, line 1b, and line 1c. If the result is net income or zero, see instructions . . . . . . . . . . . . . . . . . . . . . . . . .
1d
00
2 Closely held C corporations, enter net active income. See instructions. Personal service corporations, enter ‑0‑ on this line .
2
00
3 Unallowed passive activity deductions and losses. Combine line 1d and line 2. If the result is net income or zero,
see the instructions for line 1d and line 3. Otherwise, go to line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
00
4 Total deductions and losses allowed. Add the income, if any, on line 1a and line 2. See instructions . . . . . . . . . . . . . . . . . .
4
00
Part II 2008 Passive Activity Credits
Before completing Part II, complete federal Worksheet 5 in the instructions for federal Form 8810 using California amounts.
5 a Current year passive activity credits from federal Worksheet 5, column (a) . . . . . . . . . . . . 5a
00
b Prior year unallowed credits from federal Worksheet 5, column (b) . . . . . . . . . . . . . . . . . . 5b
00
6 Combine line 5a and line 5b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
00
7 Enter the tax attributable to net active income and net passive income. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
00
8 Unallowed passive activity credit. Subtract line 7 from line 6. If zero or less, enter ‑0‑. See instructions . . . . . . . . . . . . . . .
8
00
9 Allowed passive activity credit. Subtract line 8 from line 6. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
00
Part III Election to Increase Basis of Credit Property
10 If the corporation disposed of its entire interest in a passive activity or former passive activity in a fully taxable transaction, and it elects to increase the basis
of credit property used in that activity by the unallowed credit that reduced the property’s basis, check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 Name of activity disposed of ___________________________________________________________________________________________________
12 Description of the credit property for which the election is being made __________________________________________________________________
____________________________________________________________________________________________________________________________
00
13 Amount of unallowed credit that reduced the property’s basis for California purposes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ __________________
General Information
A personal service corporation has a PAL for the
The following may affect the computation of the
corporation’s passive loss and credit limitation:
taxable year if the total losses (including prior year
In general, California law conforms to the Internal
unallowed losses) from all of the corporation’s
•
Passive loss rules – IRC Section 469(c)(7):
Revenue Code (IRC) as of January 2005. However,
passive activities exceed the total income from all of
Beginning in 1994, and for federal purposes only,
there are continuing differences between California
the corporation’s passive activities. A closely held
rental real estate activities of taxpayers engaged
and federal law. When California conforms to
C corporation has a PAL for the taxable year if the
in a real property business are not automatically
federal tax law changes, we do not always adopt all
total losses (including prior year unallowed losses)
treated as a passive activity. California did
of the changes made at the federal level. For more
from all its passive activities exceed the sum of the
not conform to this provision. For California
information, go to our website at ftb.ca.gov and
total income from all its passive activities and its net
purposes, all rental activities are passive
search for conformity. Additional information can be
active income.
activities regardless of the level of participation.
found in FTB Pub. 1001, Supplemental Guidelines to
A personal service corporation has passive activity
California Adjustments, the instructions for California
•
Amortization of certain intangibles (IRC
credits if the passive activity credits (including prior
Schedule CA (540 or 540NR), and the Business
Section 197): Property classified as IRC
year unallowed credits) exceed the tax attributable to
Entity tax booklets.
Section 197 property under federal law is also
net passive income. A closely held C corporation has
IRC Section 197 property for California purposes.
The instructions provided with California tax forms
a passive activity credit for the year if its credits from
California does not require or allow a separate
are a summary of California tax law and are only
passive activities (including prior year unallowed
election. However, for California purposes, in the
intended to aid taxpayers in preparing their state
credits) exceed the sum of the tax attributable to net
case of IRC Section 197 property acquired before
income tax returns. We include information that is
passive income and the tax attributable to net active
January 1, 1994, the California adjusted basis as
most useful to the greatest number of taxpayers
income.
of January 1, 1994, must be amortized over the
in the limited space available. It is not possible to
remaining federal amortization period.
Form FTB 3802 closely follows federal Form 8810.
include all requirements of the California Revenue
In general, if the corporation completed federal
and Taxation Code (R&TC) in the tax booklets.
A Purpose
Form 8810 to determine the amount of the federal
Taxpayers should not consider the tax booklets as
PAL and credit limitations, the corporation must also
Form FTB 3802 , Corporate Passive Activity Loss
authoritative law.
complete form FTB 3802.
and Credit Limitations, is used by closely held
Round Cents to Dollars – Round cents to the nearest
C corporations and personal service corporations to
Using California amounts, complete federal
whole dollar. For example, round $50.50 up to $51
figure the amount of any passive activity loss (PAL)
Worksheet 1 through Worksheet 6 in the instructions
or round $25.49 down to $25. If the corporation
or credit for the current taxable year and the amount
for federal Form 8810 to determine the amounts to
does not round, the Franchise Tax Board (FTB) will
of losses and credits from passive activities allowed
enter on form FTB 3802. Keep both the California and
disregard the cents. This helps process the return
on the corporation’s tax return. See the instructions
federal worksheets for the corporation’s records.
quickly and accurately.
for federal Form 8810, Corporate Passive Activity
B Special Notes
Loss and Credit Limitations, for the definitions of
personal service corporations and closely held
S Corporations
C corporations.
S corporations must use form FTB 3801, Passive
Activity Loss Limitations, and form FTB 3801‑CR,
Passive Activity Credit Limitations, instead of
FTB 3802 2008 Side 1
7471083
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