California Form 5806 - Underpayment Of Estimated Tax By Corporations - 2005 Page 2
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3Part IV Exceptions Worksheets Even if line 7 shows an underpayment for any installment, the Franchise Tax Board (FTB) will not assess a penalty if timely
payments were made and they equal or exceed the amount determined under any of the three exceptions for the same installment period.
Exception A — Prior Year’s Tax — Regular Corporations
23 Prior year’s tax (the return must have been for a full 12 months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
(a)
(b)
(c)
(d)
25%
50%
75%
100%
(not less than min.)
24 Enter line 23 x the percentage shown . . . . . . . . . . . . . . . . . . .
24
25 Amount paid by the installment due date (cumulative) . . . . . .
25
26 Exception met? Circle “Yes” or “No” and check
applicable boxes on line 8a . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Yes
No
Yes
No
Yes
No
Yes
No
Exception A — Prior Year’s Tax — Large Corporations
Use this exception only if prior year tax is less than current year tax.
27 Current year’s tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
1st Installment
2nd Installment
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
28 a Installment due. Enter line 23 x 25% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28a
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
b Installment due. Enter line 27 x 50% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28b
1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
29 Amount paid by the installment due date (cumulative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
30 Compare the amount on line 28 with the amount on line 29. If the amount on line 28 is greater
than the amount on line 29, the exception was not met. Circle “Yes” or “No” and check applicable
boxes on line 8b. To meet this exception you must circle Yes for both installments . . . . . . . . . . . . . . . . . .
30
Yes
No
Yes
No
See instructions regarding amounts to use for installment 3 and installment 4.
(a)
(b)
(c)
(d)
Exception B — Tax on Annualized Current Year Income
Enter number of months for each period. See instructions
31 Enter taxable income for each annualization period . . . . . . . .
31
32 Annualization amounts. See instructions . . . . . . . . . . . . . . . .
32
33 a Annualized taxable income. Multiply line 31 by line 32 . . .
33a
b R&TC Section 23802(e) deduction (S corporations only) .
33b
c Net income. Subtract line 33b from line 33a . . . . . . . . . . .
33c
34 Tax. Multiply line 33c by the current tax rate . . . . . . . . . . . . .
34
35 Tax credits for each payment period . . . . . . . . . . . . . . . . . . . .
35
36 Subtract line 35 from line 34 . . . . . . . . . . . . . . . . . . . . . . . . . .
36
* . . . . . . . . . . . . . . . . . . . . . . . . . . .
37 Other taxes
37
38 Total tax. Add line 36 and line 37 . . . . . . . . . . . . . . . . . . . . . . .
38
39 Applicable percentage. For short period returns (taxable year
of less than 12 months), see the instructions for Part I, line 3
39
25%
50%
75%
100%
(not less than min.)
40 Installment due. Multiply line 38 by line 39 . . . . . . . . . . . . . . .
40
41 Amount paid by the installment due date (cumulative) . . . . . .
41
42 Exception met? If the exception has been met for any of the
installment periods, circle “Yes” or “No” and check
applicable boxes on line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
Yes
No
Yes
No
Yes
No
Yes
No
*
Include alternative minimum tax, S corporation taxes from Schedule D and from the excess net passive income tax, the QSub annual tax, LIFO recapture
tax, installment amount credit recapture, and the minimum franchise tax.
Side 2 FTB 5806 2005
580605204
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