California Form 3802 - Corporate Passive Activity Loss And Credit Limitations - 2007
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Corporate Passive Activity Loss
CALIFORNIA FORM
TAXABLE YEAR
3802
2007
and Credit Limitations
Attach to Form 100 or Form 100W (personal service corporations and closely held C corporations only).
Name(s) as shown on return
California corporation number
Part I 2007 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 and enter the result. See instructions. . .
4
00
Part II 2007 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
•
Passive loss rules – IRC Section 469(c)(7):
exceed the total income from all of the corporation’s
Beginning in 1994, and for federal purposes only,
passive activities. A closely held C corporation has
In general, California law conforms to the Internal
a PAL for the year if the total losses (including prior
rental real estate activities of taxpayers engaged
Revenue Code (IRC) as of January 2005. However,
in a real property business are not automatically
year unallowed losses) from all its passive activities
there are continuing differences between California
treated as a passive activity. California did
exceed the sum of the total income from all its
and federal law. When California conforms to
not conform to this provision. For California
passive activities and its net active income.
federal tax law changes, we do not always adopt all
purposes, all rental activities are passive
A personal service corporation has passive activity
of the changes made at the federal level. For more
activities regardless of the level of participation.
credits if the passive activity credits (including prior
information, go to our Website at
•
Amortization of certain intangibles (IRC
year unallowed credits) exceed the tax attributable to
and search for conformity. Additional information
Section 197): Property classified as IRC
net passive income. A closely held C corporation has
can be found in FTB Pub. 1001, Supplemental
Section 197 property under federal law is also
a passive activity credit for the year if its credits from
Guidelines to California Adjustments, the instructions
passive activities (including prior year unallowed
IRC Section 197 property for California purposes;
for California Schedule CA (540 or 540NR), and the
there is no separate California election required
credits) exceed the sum of the tax attributable to net
Business Entity tax booklets.
or allowed. However, for California purposes, in
passive income and the tax attributable to net active
The instructions provided with California tax forms
income.
the case of IRC Section 197 property acquired
are a summary of California tax law and are only
before January 1, 1994, the California adjusted
Form FTB 3802 closely follows federal Form 8810,
intended to aid taxpayers in preparing their state
basis as of January 1, 1994, must be amortized
Corporate Passive Activity Loss and Credit
income tax returns. We include information that is
over the remaining federal amortization period.
Limitations. In general, if you completed federal
most useful to the greatest number of taxpayers
A Purpose
Form 8810 to determine the amount of the federal
in the limited space available. It is not possible to
PAL and credit limitations, you must also complete
include all requirements of the California Revenue
Form FTB 3802 , Corporate Passive Activity Loss
form FTB 3802.
and Taxation Code (R&TC) in the tax booklets.
and Credit Limitations is used by closely held
Taxpayers should not consider the tax booklets as
Using California amounts and federal Worksheet 1
C corporations and personal service corporations to
authoritative law.
through Worksheet 6 in the instructions for federal
figure the amount of any passive activity loss (PAL)
Form 8810, determine the amounts to enter on
Round Cents to Dollars – Beginning with the 2007
or credit for the current taxable year and the amount
form FTB 3802. Keep both the California and federal
tax forms, round cents to the nearest whole dollar.
of losses and credits from passive activities allowed
worksheets for your records.
For example, round $50.50 up to $51 or round
on the corporation’s tax return. See the instructions
$25.49 down to $25. If you do not round, FTB will
B Special Notes
for federal Form 8810, Corporate Passive Activity
disregard the cents. This change helps process
Loss and Credit Limitations, for the definitions of
S Corporations
your returns quickly and accurately by providing
personal service corporations and closely held
S corporations must use form FTB 3801, Passive
consistency with the electronically filed returns.
C corporations.
Activity Loss Limitations, and form FTB 3801-CR,
The following may affect the computation of the
A personal service corporation has a PAL for the year
Passive Activity Credit Limitations, instead of form
corporation’s passive loss and credit limitation:
if the total losses (including prior year unallowed
FTB 3802 to figure the California PAL and credit
losses) from all of the corporation’s passive activities
limitations.
FTB 3802 2007
7471073
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