California Schedule D (Form 568) - Capital Gain Or Loss - 2013 Page 2
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2Instructions for Schedule D (568)
Capital Gain or Loss
General Information
In general, for taxable years beginning on or after January 1, 2010,
California law conforms to the Internal Revenue Code (IRC) as of
January 1, 2009 . However, there are continuing differences between
California and federal law . When California conforms to federal tax law
changes, we do not always adopt all of the changes made at the federal
level . For more information, go to ftb.ca.gov and search for conformity .
Additional information can be found in FTB Pub . 1001, Supplemental
Guidelines to California Adjustments, the instructions for California
Schedule CA (540 or 540NR), and the Business Entity tax booklets .
The instructions provided with California tax forms are a summary of
California tax law and are only intended to aid taxpayers in preparing
their state income tax returns . We include information that is most
useful to the greatest number of taxpayers in the limited space available .
It is not possible to include all requirements of the California Revenue
and Taxation Code (R&TC) in the tax booklets . Taxpayers should not
consider the tax booklets as authoritative law .
Purpose
Use Schedule D (568), Capital Gain or Loss, to report the sale or
exchange of capital assets, by the limited liability company (LLC), except
capital gains (losses) that are specially allocated to any members .
Do not use this form to report the sale of business property . For sales
of business properties, use California Schedule D-1, Sale of Business
Property .
Enter specially allocated short-term capital gains (losses) received
from LLCs classified as partnerships, partnerships, S corporations,
and fiduciaries on Schedule D (568), line 3 . Enter specially allocated
long-term capital gains (losses) received from LLCs classified
as partnerships, partnerships, S corporations, and fiduciaries on
Schedule D (568), line 7 . Enter short-term and long-term capital gains
(losses) that are specially allocated to members on Schedule K-1 (568),
Member’s Share of Income, Deductions, Credits, etc . Do not include
these amounts on Schedule D (568) . See the instructions for Schedule K
(568), Members’ Shares of Income, Deductions, Credits, etc ., and
Schedule K-1 (568) for more information . Also, refer to the instructions
for federal Schedule D (1065), Capital Gains and Losses .
Nonresident and Part-Year Resident Members, get FTB Pub. 1100,
Taxation of Nonresidents and Individuals Who Change Residency.
With the enactment of AB 1115 (Stats . 2001, Ch 920) capital loss
carryover and capital loss limitations for nonresident members and
part-year resident members, for the portion of the year they were
nonresidents, are determined based upon California source income
and loss items only for the computation of their California taxable
income . Moreover, the character of their gains and losses on the sale or
exchange of property used in trade or business or certain involuntary
conversions (IRC Section 1231) are determined for purposes of
calculating their California taxable income by netting California sources
Section 1231 gains and losses only .
California law conforms to federal law for the recognition of gain on
a constructive sale of property in which the LLC held an appreciated
interest .
Schedule D (568) Instructions 2013 Page 1
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