California Form 3547 - Donated Agricultural Products Transportation Credit - 1998 Page 2
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1
2can pass through 100% of the credit to their
Specific Line Instructions
shareholders.
If a taxpayer owns an interest in a disregarded
Line 1 – Enter the eligible transportation costs paid or
business entity, the credit amount received from
incurred in connection with the donated agricul-
the disregarded entity that can be utilized is lim-
tural products for which you received certification
ited to the difference between the taxpayer’s reg-
from the donee nonprofit charitable organization.
ular tax figured with the income of the
If you are determining your eligible transportation
disregarded entity, and the taxpayer’s regular tax
costs based on mileage, multiply the total miles
figured without the income of the disregarded
connected with transporting the donated agricul-
entity. Note: If the disregarded entity reports a
tural product by twelve cents ($.12). Otherwise,
loss, the taxpayer may not claim the credit this
enter the actual transportation costs paid or
year but can carry over the credit amount
incurred in connection with the donated agricul-
received from the disregarded entity.
tural products.
This credit cannot reduce the minimum franchise
Line 3 – If you received more than one pass-through credit
tax (corporations, limited partnerships, limited lia-
from S corporations, estates or trusts, partner-
bility partnerships, LLCs and S corporations), the
ships or LLCs taxed as partnerships, add the
alternative minimum tax (corporations, exempt
amounts and enter the total on line 3. Attach a
organizations, individuals and fiduciaries), the
schedule showing the names and identification
built-in gains tax (S corporations) or the excess
numbers of the entities from which the credits
net passive income tax (S corporations). This
were passed through to you.
credit cannot reduce regular tax below TMT. See
Schedule P (100, 540, 540NR or 541) for more
Line 7 – The amount of this credit you may claim on your
information.
tax return may be limited further. Refer to the
This credit is taken in lieu of any deduction other-
credit instructions in your tax booklet for more
wise allowable for the same eligible transportation
information. These instructions also explain how
costs. Any deduction allowed for these same
to claim this credit on your tax return. You must
costs must be reduced by the amount of credit
use credit code number 204 when you claim this
claimed for the current taxable or income year
credit. Also see General Information E,
(the amount shown on line 7).
Limitations.
This credit is not refundable.
Corporate Members of a Unitary or Combined
Group
This credit cannot be allocated or otherwise trans-
ferred to another taxpayer, even if the other tax-
payer is a member of a unitary or combined
group or otherwise affiliated with the taxpayer that
earned the credit.
F Carryover
If the available credit exceeds the current year
tax, the unused credit may be carried over to suc-
ceeding years until exhausted. Apply the carry-
over to the earliest taxable or income year(s)
possible. In no event can this credit be carried
back and applied against a prior year’s tax.
Side 2 FTB 3547 1998
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