Schedule K-1 (541) Draft - Beneficiary'S Share Of Income, Deductions, Credits, Etc. - 2007 Page 5

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SCHEDULE K-1 FEDERAL/STATE LINE REFERENCES
California Schedule K-1 (541) was modified to better assist the taxpayers to transfer amounts from the federal Schedule K-1 (1041) to the California
Schedule K-1 (541). The modifications consist of reordering the line items to be in similar format to the federal Schedule K- (1041). The new
reference chart shown below will assist the taxpayer in transferring the amounts from one schedule to the other. The chart cross-references the boxes
on the federal Schedule K-1 to the appropriate line items on the California Schedule K.
Federal Schedule K- (04)
CA Schedule K- (54)
Box
Code
Items
Line
Items

Interest income

Interest
a
Ordinary dividends

Dividends (ordinary and qualified)
b
Qualified dividends
Not applicable
3
Net short-term capital gain
3
Net capital gain or (loss)
4a
Net long-term capital gain
Not applicable
4b
28% rate gain
Not applicable
4c
Unrecapture Section 1250 gain
Not applicable
5
Other portfolio and nonbusiness income
5
Other portfolio and non business income
6
Ordinary business income
6
Ordinary business income
7
Net rental real estate income
7
Net rental real estate income
8
Other rental income
8
Other rental income
9
A
Depreciation
9a
Depreciation
B
Depletion
9b
Depletion
C
Amortization
9c
Amortization
0
Estate tax deduction
0
Not applicable

A
Excess deductions
a
Excess deduction on termination (Attach computation)
B
Short-term capital loss carryover
b
Capital loss carryover
C
Long-term capital loss carryover
Not applicable
D
c
NOL carryover – regular tax
NOL carryover – regular tax
E
NOL carryover – minimum tax
d
NOL carryover for alternative minimum tax purposes

A
Adjustment for minimum tax purposes
a
Adjustment for alternative minimum tax purposes

G
Accelerated depreciation
b
Accelerated depreciation

H
Depletion
c
Depletion

I
Amortization
d
Amortization

J
Exclusion items
e
Exclusion items

B-F
AMT adjustment
Not applicable
3
A
Credit for estimated taxes
3a
Trusts payments of estimated tax credited to you
3b
Total withholding (equals amount on Form 592-B if calendar year)
Not applicable
3c
Taxes paid to other states. Attach Schedule S, Other State Tax Credit.
Not applicable
3d
Other California credits. (Attach schedule)
Not applicable
B-T
Federal credits
Not applicable
4
A
Tax-exempt interest
4a
Tax-exempted interest
4
E
Net investment income
4b
Net investment income
4
F
Gross farm and fishing income
4c
Gross farm and fishing income
4
H
Other information
4d
Other _____________________________
4
B
Foreign taxes
Not applicable
4
C
Qualified production activities income
Not applicable
4
D
Form W-2 wages
Not applicable
4
G
Foreign trading gross receipts (IRC 942(a))
Not applicable
Schedule K-1 (541) 2007 Page 3

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