California Form 3547 - Donated Agricultural Products Transportation Credit - 2013 Page 2

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G Carryover
If a C corporation had unused credit carryovers when it elected
S corporation status, the carryovers were reduced to 1/3 and transferred
If the available credit exceeds the current year tax liability, the unused
to the S corporation. The remaining 2/3 were disregarded. The allowable
credit may be carried over to succeeding years until exhausted. Apply
carryovers may be used to offset the 1.5% tax on net income in
the carryover to the earliest taxable year(s) possible. In no event can this
accordance with the respective carryover rules. These C corporation
credit be carried back and applied against a prior year’s tax.
carryovers may not be passed through to shareholders. For more
information, get Schedule C (100S), S Corporation Tax Credits.
Specific Line Instructions
If a taxpayer owns an interest in a disregarded business entity [a single
member limited liability company (SMLLC) not recognized by California,
Line 1 – Eligible Transportation Cost
and for tax purposes is treated as a sole proprietorship owned by an
Enter the eligible transportation costs paid or incurred in connection with
individual or a branch owned by a corporation], the credit amount
the donated agricultural products for which you received certification
received from the disregarded entity that can be utilized is limited to the
from the donee nonprofit charitable organization. If two or more
difference between the taxpayer’s regular tax figured with the income of
taxpayers share in the expenses eligible for the credit, each taxpayer shall
the disregarded entity, and the taxpayer’s regular tax figured without the
be eligible to receive the tax credit in proportion to their respective share
income of the disregarded entity.
of the expenses paid or incurred. If you are determining your eligible
An SMLLC may be disregarded as an entity separate from its owner, and
transportation costs based on mileage, multiply the total miles connected
is subject to statutory provisions that recognize otherwise disregarded
with transporting the donated agricultural product by $.14 (fourteen
entities for certain purposes, for example:
cents). Otherwise, enter the actual transportation costs paid or incurred
in connection with the donated agricultural products.
• The tax and fee of an LLC
• The tax return filing requirements of an LLC
Line 3 – Pass-Through Donated Agricultural Products
• The credit limitations previously mentioned
Transportation Credit(s)
Get Form 568, Limited Liability Company Tax Booklet, for more
If you received more than one pass-through credit from S corporations,
information.
estates, trusts, partnerships, or LLCs classified as partnerships, add the
amounts and enter the total on line 3. Attach a schedule showing the
If the disregarded entity reports a loss, the taxpayer may not claim the
names and identification numbers of the entities from which the credits
credit this year but can carry over the credit amount received from the
were passed through to you.
disregarded entity.
This credit cannot reduce the minimum franchise tax (corporations
Line 7a – Credit Claimed (excluding assigned credits claimed
and S corporations), annual tax (limited partnerships, limited liability
on form FTB 3544A)
partnerships, and LLCs classified as partnerships), the alternative
The amount of this credit you may claim on your tax return may be
minimum tax (corporations, exempt organizations, individuals, and
limited. Refer to the credit instructions in your tax booklet for more
fiduciaries), the built-in gains tax (S corporations), or the excess net
information. These instructions also explain how to claim this credit on
passive income tax (S corporations).
your tax return. Use credit code number 204 when you claim this credit.
This credit cannot reduce regular tax below tentative minimum tax. Get
Also see General Information E, Limitations.
Schedule P (100, 100W, 540, 540NR, or 541), Alternative Minimum Tax
Line 7b – Credit Assigned to Other Corporations
and Credit Limitations, for more information.
Corporations that completed form FTB 3544 for this credit, enter the
This credit is taken in lieu of any deduction otherwise allowable for the
amount from column (g) on this line.
same eligible transportation costs. Any deduction allowed for these same
costs must be reduced by the amount of credit figured for the current
taxable year (the amount shown on line 4).
This credit is not refundable.
F Assignment of Credits
Assigned Credits to Affiliated Corporations – For taxable years beginning
on or after July 1, 2008, credit earned by members of a combined
reporting group may be assigned to an affiliated corporation that is a
member of the same combined reporting group. A credit assigned may
only be claimed by the affiliated corporation against its tax in taxable years
beginning on or after January 1, 2010. For more information, get form
FTB 3544, Election to Assign Credit Within Combined Reporting Group,
or form FTB 3544A, List of Assigned Credit Received and/or Claimed by
Assignee or go to ftb.ca.gov and search for credit assignment.
Side 2 FTB 3547 2013

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