Form 1115 - California Request For Consent For A Water'S-Edge Re-Election Page 2
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22015 Instructions for Form FTB 1115
Request for Consent for a Water’s-Edge Re-Election
General Information
The FTB will notify the corporation if its
Form 100W and Form 100-WE are the forms
request is approved . The corporation should
prescribed by the FTB for corporations filing
In general, if a corporation terminates its
generally receive a determination on its
on a water’s-edge basis . The FTB does not
water’s-edge election, with or without the
re-election request within 60 days after it has
consider the filing of federal informational
Franchise Tax Board’s (FTB’s) consent, it
filed form FTB 1115 . If the FTB takes no action
returns such as Form 5471, Information
is required to file on a worldwide basis for
or requests no additional information within
Return of U .S . Persons With Respect To
at least 84-months before making another
60 days of the filing of the request to re-elect,
Certain Foreign Corporations and Form 5472,
election . The FTB may waive the application of
the request is deemed to be disallowed . See
Information Return of a 25% Foreign-Owned
this rule for good cause . Good cause for this
Cal . Code Regs ., tit . 18, section 25113(e) for
U .S . Corporation or a Foreign Corporation
purpose has the same meaning as described in
more information .
Engaged in a U .S . Trade or Business, to be
Treas . Reg . Section 1 .1502-75(c) . To obtain the
other objective evidence for purposes of
D Where to File
FTB’s consent to re-elect water’s-edge for good
making a valid water’s-edge election . California
cause, the taxpayer must file form FTB 1115,
law requires the filing of these federal forms
A corporation must file form FTB 1115
Request for Consent for a Water’s-Edge
whether the taxpayer files on a worldwide or
separately from any other form . A form
Re-Election .
water’s-edge basis (R&TC Sections 19141 .2
FTB 1115 filed with the tax return would not be
The FTB’s consent is not required if the election
and 19141 .5) . Get Form 100W Booklet for
considered timely filed and would not be valid .
was terminated as a result of an affiliation
more information .
Mail form FTB 1115 to:
change as provided in California Revenue and
Specific Instructions
FRANCHISE TAX BOARD
Taxation Code (R&TC) Section 25113 .
PO BOX 1779
A Purpose
Private Mail Box (PMB)
RANCHO CORDOVA CA 95741-1779
Include the PMB in the address field .
Use form FTB 1115 to request the FTB’s
E Request to Withdraw
Write “PMB” first, then the box number .
consent to re-elect water’s-edge prior to the
Example: 111 Main Street PMB 123 .
expiration of the 84-month period following
The corporation may withdraw its request at
the last day of the terminated election . The
any time before the FTB takes action .
Part II – Basis to Request a
FTB may approve the corporation request
The request must be in writing and mailed to
Water’s-Edge Re-Election
for a good cause as provided in R&TC
the address shown in General Information D,
Section 25113(c)(11) and Cal . Code Regs .,
Provide an explanation for the request to
Where to File .
tit . 18, section 25113 .
re-elect water’s-edge . The basis for the request
F Making a Water’s-Edge
must clearly state the good cause supporting
Do not use this form to renew a current
the request .
Election
water’s-edge election .
In general, the request for consent to re-elect
B Due Date
R&TC Section 25113 and Cal . Code of Regs .,
water’s-edge will be granted only if the
tit . 18, section 25113 govern the manner of
corporation demonstrates that it meets the
The taxpayer must file form FTB 1115 with the
making a water’s-edge election as provided
good cause requirements as described in
FTB no later than the 90th day prior to the due
under R&TC Section 25110 . A corporation
Treas . Reg . Section 1 .1502-75(c) .
date, including extensions, of the tax return for
electing water’s-edge must do each of the
which the re-election would be effective .
following:
Do not file form FTB 1115 with the tax return
• Compute the corporation’s income on a
because the request will not be timely filed and
water’s-edge basis .
will be considered invalid .
• C corporations use Form 100W, California
Corporation Franchise or Income Tax
C Approval and Effective Date
Return - Water’s-Edge Filers; S corporations
Do not change the method of filing until the
use Form 100S, California S Corporation
FTB has approved this request . The FTB’s
Franchise or Income Tax Return .
approval of the request for consent to re-elect
• Attach the Form 100-WE, Water’s-Edge
water’s-edge does not constitute making a
Election, to the timely filed original return
water’s-edge election . After receiving the FTB’s
(Form 100W or Form 100S) for the year of
consent to re-elect, the corporation must
the election .
make its water’s-edge election . See General
Information F, Making a Water’s-Edge Election,
for more information .
Approval for consent to re-elect water’s-edge
is effective for the taxable year in which good
cause occurred . Consent given by the FTB will
not be retroactive .
FTB 1115 Instructions 2015 Page 1
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