California Schedule D (Form 565) - Capital Gain Or Loss - 2013 Page 2
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2Instructions for Schedule D (565)
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 (565), Capital Gain or Loss, to report the sale or
exchange of capital assets, by the partnership, except capital gains
(losses) that are specially allocated to any partners . 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 limited liability companies (LLCs) classified as partnerships,
partnerships, S corporations, and fiduciaries on Schedule D (565),
line 3 . Enter specially allocated long-term capital gains (losses) received
from LLCs classified as partnerships, partnerships, S corporations, and
fiduciaries on Schedule D (565), line 7 . Enter short-term and long-term
capital gains (losses) that are specially allocated to partners on
Schedule K-1 (565), Partner’s Share of Income, Deductions, Credits, etc .
Do not include these amounts on Schedule D (565) . See the instructions
for Schedule K (565), Partners’ Share of Income, Deductions, Credits,
etc ., and Schedule K-1 (565) for more information . Also, refer to the
instructions for federal Schedule D (1065), Capital Gains and Losses .
Nonresident and Part-Year Resident Partners, 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 partners and
part-year resident partners, 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 partnership held an
appreciated interest .
Schedule D (565) Instructions 2013 Page 1
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