Form 3546 - California Enhanced Oil Recovery Credit - 2015

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CALIFORNIA FORM
TAXABLE YEAR
3546
Enhanced Oil Recovery Credit
2015
Attach to your California tax return.
Name(s) as shown on your California tax return
SSN or ITIN
CA Corporation no.
FEIN
California Secretary of State file number
Available Credit
1 Qualified enhanced oil recovery costs. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 Current year credit. Multiply line 1 by 5% (.05). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3 Pass-through enhanced oil recovery credit from Schedule K-1 (100S, 541, 565, or 568). See instructions . . . . . . 3
4 Total current year enhanced oil recovery credit. Add line 2 and line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
00
5 Credit carryover from 2014. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
00
6 Total available enhanced oil recovery credit. Add line 4 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 a Credit claimed. Enter the amount of the credit claimed on the current year tax return. See instructions.
00
(Do not include any assigned credit claimed on form FTB 3544A.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7a
b Total credit assigned. Enter the total amount from form FTB 3544, column (g). If you are not a
00
corporation, enter -0-. See instructions.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b
8 Credit carryover available for future years. Add line 7a and 7b, subtract the result from line 6. . . . . . . . . . . . . . . . 8
00
General Information
D Definitions
for qualified oil recovery projects located
within California. See General Information F,
California allows an enhanced oil recovery
Qualified enhanced oil recovery costs –
Limitations, for limitations on the enhanced oil
credit similar to the federal enhanced oil
1. Any amount the taxpayer pays or incurs
recovery credit.
recovery credit under Internal Revenue Code
during the taxable year for tangible property
(IRC) Section 43, with exceptions. Unless
C California and Federal
located within California:
specifically identified otherwise, references
Differences
• That is an integral part of a qualified
in these instructions are to the IRC as of
enhanced oil recovery project in
January 1, 2015, and to the California Revenue
The federal enhanced oil recovery credit under
California.
and Taxation Code (R&TC).
IRC Section 43 and the California enhanced oil
• For which depreciation (or amortization)
recovery credit under R&TC Sections 17052.8
is allowable.
A Purpose
and 23604 are generally the same, except that:
2. Any intangible drilling and
Use form FTB 3546, Enhanced Oil Recovery
1. The California credit is equal to 5% of the
development costs:
Credit, to figure the current year credit and
qualified enhanced oil recovery costs for
• The taxpayer pays or incurs in
any carryover credit for qualified enhanced
qualified oil recovery projects located
connection with a qualified enhanced
oil recovery costs for qualified oil recovery
within California. The federal credit is
oil recovery project located
projects located within California. Also use
equal to 15% of the qualified enhanced oil
within California.
this form to claim pass-through enhanced
recovery costs for qualified oil recovery
• For which the taxpayer elects to
oil recovery credits you received from
projects located within the United States. It
capitalize and amortize such costs
S corporations, estates, trusts, partnerships, or
includes the seabed and subsoil adjacent to
under IRC Section 263(c) and R&TC
limited liability companies (LLCs) classified as
the territorial waters of the United States as
Sections 17201 and 24423.
partnerships.
defined under IRC Section 638(1).
3. Any qualified tertiary injectant expenses the
S corporations, estates, trusts, partnerships,
2. California does not allow the enhanced oil
taxpayer pays or incurs in connection with
and LLCs classified as partnerships should
recovery credit for the following taxpayers:
a qualified enhanced oil recovery project
complete form FTB 3546 to figure the amount
• Taxpayers who are retailers of oil
located within California.
of credit to pass through to shareholders,
or natural gas (excluding bulk sales
beneficiaries, partners, or members. Attach this
of aviation fuels) and sell directly
For California Personal Income Tax Law and
form to Form 100S, California S Corporation
or through a related person to the
Corporation Tax Law purposes, taxpayers
Franchise or Income Tax Return; Form 541,
Department of Defense. See IRC
must capitalize and deduct tertiary injectant
California Fiduciary Income Tax Return;
Sections 613A(d)(2) and 613A(d)(3) for
costs through depreciation because
Form 565, Partnership Return of Income; or
more information.
California has not conformed to the
Form 568, Limited Liability Company Return of
• Taxpayers (or related persons) who
provisions of IRC Section 193.
Income. Show the pass-through credit for each
are refiners of crude oil and, on any
Qualified enhanced oil recovery project – Any
shareholder, beneficiary, partner, or member
day during the taxable year, whose
project located within California involving the
on Schedule K-1 (100S, 541, 565, or 568),
daily refinery output exceeded 50,000
application of one or more tertiary recovery
Share of Income, Deductions, Credits, etc.
barrels. See IRC Section 613A(d)(4) for
methods defined in IRC Section 193(b)(3),
more information.
and mentioned below, that you can reasonably
B Description
3. Taxpayers may carry over the California
expect to result in more than an insignificant
The California enhanced oil recovery credit is
credit for 15 years. The credit is subject
increase in the amount of crude oil recovery.
available for taxable years beginning on or after
to limitations described in General
Tertiary recovery methods – Methods
January 1, 1996. The tentative enhanced oil
Information F, Limitations. The federal
qualifying for the credit include miscible
recovery credit is equal to 5% (representing
credit is part of the general business credit
fluid displacement, steam drive injection,
1/3 of the federal enhanced oil recovery credit)
subject to the limitations imposed by IRC
microemulsion flooding, in situ combustion,
of the qualified enhanced oil recovery costs
Section 38.
FTB 3546 2015 Side 1
7361153
For Privacy Notice, get FTB 1131 ENG/SP.

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