California Schedule D (Form 541) - Capital Gain Or Loss - 2011
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1
2TAXABLE YEAR
CALIFORNIA SCHEDULE
Capital Gain or Loss
2011
D (541)
Attach to Form 541 or Form 109.
Name as shown on return
FEIN
-
Capital Gain and Loss
Part I
(a)
(b)
(c)
(d)
(e)
(f)
(g)
Description of property:
How was property held,
Date acquired
Date sold
Gross sales price
Cost or other basis, as
Gain (or loss)
Example, 100 shares 7%
community, separately,
(mo., day, yr.)
(mo., day, yr.)
adjusted, plus expense of sale
column (e) less column (f)
preferred of “Z” Co.
jointly?
1
2 Capital gain from installment sales from form FTB 3805E, line 26 or line 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 _________________
3 Enter your share of net gain or (loss) from partnerships, S corporations, limited liability companies (LLCs), and other fiduciaries . . . 3 _________________
4 Capital gain distributions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 _________________
5 Net gain or (loss). Combine line 1, column (g), line 2, line 3, and line 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 _________________
6 Enter gain, if applicable, from California Schedule D-1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 _________________
7 Capital loss carryover from prior years. There is no capital loss carryover from a decedent to an estate. . . . . . . . . . . . . . . . . . . . . . . . 7 _________________
8 Net gain or (loss). Combine line 5, line 6, and line 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 _________________
Summary of Part I
Part II
(c)
(b)
(a)
Fiduciary
Total
Beneficiaries
9 Enter the net gain or (loss) from line 8, above. If line 9, column (c), is a net gain,
enter the gain on Form 541, line 4 or Form 109, Side 2, Part I, line 4a. If line 9, column (c),
is a net loss, complete Part III. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part III Computation of Capital Loss Limitation
10 Enter here and enter as a loss on Form 541, line 4 or Form 109, Side 2, Part 1, line 4c the smaller of:
The net loss on line 9, column (c) or $3000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 _________________
Part IV Computation of Capital Loss Carryover from 2011 to 2012
If the net loss on line 8 is more than $3000, determine the capital loss carryover. Attach a copy of Schedule D (Form 1041) to Form 541 or Form 109.
See instructions.
Instructions for Schedule D (541)
Capital Gain or Loss
References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2009, and to the California Revenue and Taxation Code (R&TC).
General Information
A Purpose
exclusion of 50% of any gain from the sale or
exchange of qualified small business stock held
In general, for taxable years beginning on or
Use Schedule D (541), Capital Gain or Loss,
for more than 5 years. For California purposes,
after January 1, 2010, California law conforms
to report gains and losses from the sale or
80% of the issuing corporation’s payroll must
to the Internal Revenue Code (IRC) as of
exchange of capital assets by an exempt
be attributable to employment located within
January 1, 2009. However, there are continuing
organization, estate, or trust. Generally,
California. Also, at least 80% of the value of
differences between California and federal
California law follows federal law.
the corporation’s assets must be used by the
law. When California conforms to federal tax
To report sales or exchanges of property
corporation to actively conduct one or more
law changes, we do not always adopt all of
other than capital assets, including the sale
qualified trades or businesses in California.
the changes made at the federal level. For
or exchange of property used in a trade or
Estates and trusts are eligible for the exclusion;
more information, go to ftb.ca.gov and search
business and involuntary conversions (other
however, estates and trusts (other than
for conformity. Additional information can
than casualties and thefts), get California
common trust funds) may not pass through
be found in FTB Pub. 1001, Supplemental
Schedule D-1, Sales of Business Property.
the exclusion to their beneficiaries. See R&TC
Guidelines to California Adjustments, the
If property is involuntarily converted because
Section 17750.
instructions for California Schedule CA (540 or
of casualty or theft, complete federal
540NR), and the Business Entity tax booklets.
R&TC Section 18038.5 also provides for the
Form 4684, Casualties and Thefts, using
deferral of gain from the sale of small business
The instructions provided with California tax
California amounts.
stock that has been held for six months
forms are a summary of California tax law
California does not have a special capital gain
or more, if qualified replacement stock is
and are only intended to aid taxpayers in
tax rate.
purchased within 60 days after the sale giving
preparing their state income tax returns. We
rise to the gain. Report gain deferred from
include information that is most useful to the
Qualified Small Business Stock
the sale of qualified small business stock in
greatest number of taxpayers in the limited
California law does not conform to federal
accordance with the instructions contained in
space available. It is not possible to include
law changes in regards to the increase in the
Revenue Procedure 98-48.
all requirements of the California Revenue
percentage of the gain exclusion for the sales
and Taxation Code (R&TC) in the tax booklets.
of qualified small business stock acquired after
Taxpayers should not consider the tax booklets
February 17, 2009. California law allows an
as authoritative law.
Schedule D (541) 2011
7781113
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