California Form 5806 - Underpayment Of Estimated Tax By Corporations - 2014 Page 2
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5Part IV Exceptions Worksheets Even if line 7 shows an underpayment for any installment, the Franchise Tax Board (FTB) will not assess a penalty if timely
payments were made and they equal or exceed the amount determined under any of the three exceptions for the same installment period.
Exception A — Prior Year’s Tax — Regular Corporations
23 Prior year’s tax (the return must have been for a full 12 months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
(a)
(b)
(c)
(d)
30%
70%
70%
100%
(not less than min.)
24 Enter line 23 x the percentage shown. . . . . . . . . . . . . . . . . . . .
24
25 Amount paid by the installment due date (cumulative) . . . . . .
25
26 If line 25 is greater than line 24, the exception was met.
Circle “Yes” here and check the applicable “Yes” box in
Part ll, line 8a. If line 24 is greater than line 25, the exception
was not met. Circle “No” here and check the applicable
“No” box in Part ll, line 8a. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
Yes
No
Yes
No
Yes
No
Yes
No
Exception A — Prior Year’s Tax — Large Corporations
Use this exception only if prior year tax is less than current year tax.
27 Current year’s tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27
1st Installment
2nd Installment
28 a Installment due. Enter line 23 x 30%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28a
b Installment due. Enter line 27 x 70%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28b
29 Amount paid by the installment due date (cumulative) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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30 Compare the amount on line 28 with the amount on line 29. If line 28 is greater than line 29,
the exception was not met. Circle “Yes” or “No” and check applicable boxes on line 8b. To meet this
exception you must circle “Yes” for both installments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Yes
No
Yes
No
See instructions regarding amounts to use for installment 3 and installment 4.
(a)
(b)
(c)
(d)
Exception B — Tax on Annualized Current Year Income
Enter number of months for each period. See instructions
31 Enter taxable income for each annualization period . . . . . . . . .
31
32 Annualization amounts. See instructions . . . . . . . . . . . . . . . . .
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33 a Annualized taxable income. Multiply line 31 by line 32 . . . .
33a
b R&TC Section 23802(e) deduction (S corporations only) . .
33b
c Net income. Subtract line 33b from line 33a . . . . . . . . . . . .
33c
34 Tax. Multiply line 33c by the current tax rate . . . . . . . . . . . . . .
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35 Tax credits for each payment period. . . . . . . . . . . . . . . . . . . . .
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36 Subtract line 35 from line 34 . . . . . . . . . . . . . . . . . . . . . . . . . .
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*
37 Other taxes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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38 Total tax. Add line 36 and line 37 . . . . . . . . . . . . . . . . . . . . . . .
38
39 Applicable percentage. For short period returns (taxable year
of less than 12 months), see the instructions for Part I, line 3.
39
30%
70%
70%
100%
(not less than min.)
40 Installment due. Multiply line 38 by line 39 . . . . . . . . . . . . . . .
40
41 Amount paid by the installment due date (cumulative) . . . . . .
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42 If line 41 is greater than line 40, the exception was met.
Circle “Yes” here and check the applicable “Yes” box in
Part ll, line 9. If line 40 is greater than line 41, the
exception was not met. Circle “No” here and check the
applicable “No” box in Part ll, line 9. . . . . . . . . . . . . . . . . . . . .
42
Yes
No
Yes
No
Yes
No
Yes
No
*
Include alternative minimum tax, S corporation taxes from Schedule D (100S) and from the excess net passive income, the QSub annual tax, installment
amount credit recapture, and the minimum franchise tax.
Side 2 FTB 5806 2014
7692143
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