Form 3521 - California Low-Income Housing Credit - 2015 Page 4
Download a blank fillable Form 3521 - California Low-Income Housing Credit - 2015 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form 3521 - California Low-Income Housing Credit - 2015 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4Instructions
Part II – Carryover Computation
to the S corporation. The remaining 2/3 were
disregarded. The allowable carryovers may be
Line 12a – Credit claimed
used to offset the 1.5% tax on net income in
Part I – Available Credit
Do not include assigned credits claimed on form
accordance with the respective carryover rules.
FTB 3544A.
Line 2 – The available credit is the smaller of:
These C corporation carryovers may not be passed
This amount may be less than the amount on line
• The amount designated on form CTCAC 3521A.
through to shareholders. For more information, get
11 if your credit is limited by your tax liability.
• The amount computed in Part III, line 20.
Schedule C (100S), S Corporation Tax Credits.
For more information, see General Information D,
If form FTB 3521 is completed by a pass-through
If a taxpayer owns an interest in a disregarded
Limitations and refer to the credit instructions in
entity (S corporation, estate, trust, partnership, or
business entity, [a single member limited liability
your tax booklet. Use credit code 172 when you
LLC classified as a partnership), the entity must
company (SMLLC) not recognized by California, and
claim this credit.
attach a separate schedule to the form that shows
for tax purposes treated as a sole proprietorship
Line 12b – Total credit assigned
each shareholder’s, beneficiary’s, partner’s, or
owned by an individual or a branch owned by a
Corporations that assign credit to other
member’s name, identification number, the amount
corporation], the credit amount received from the
corporations within combined reporting group
of pass-through credit, and the corresponding
disregarded entity that can be utilized is limited to
must complete form FTB 3544. Enter the total
building identification number.
the difference between the taxpayer’s regular tax
amount of credit assigned from form FTB 3544,
figured with the income of the disregarded entity,
Line 3 – If you received more than one
column (g) on this line.
and the taxpayer’s regular tax figured without the
pass- through credit from S corporations,
income of the disregarded entity.
estates, trusts, partnerships, or LLCs classified
Part III – Basis Recomputations
as partnerships, more than one allocated credit
If the disregarded entity reports a loss, the taxpayer
Use Part III only if the eligible basis decreased on a
from affiliate corporations, or a combination
may not claim the credit this year but can carry over
project or building.
of pass- through and allocated credits, add the
the credit amount received from the disregarded
amounts and enter the total on line 3. Attach a
entity to the next succeeding taxable year.
Line 17 – Only the portion of the basis attributable
schedule showing the names and identification
to the low-income rental units in the building at the
For more information on SMLLC, get Form 568,
numbers of the entities from which the credits
close of the year qualifies for the credit. This is the
Limited Liability Company Income Tax Booklet.
were passed through or allocated to you.
smaller of the following:
This credit cannot reduce the minimum franchise
Important: Affiliated corporations that qualify as
• The percentage of low-income units to all
tax (corporations and S corporations), the
eligible assignees and receive credits assigned
residential rental units (the “unit percentage”).
annual tax (limited partnerships, limited liability
under R&TC Section 23663, do not enter any of
• The percentage of floor space of the low-
partnerships, and LLCs classified as partnerships),
these credits from form FTB 3544A on this line.
income units to the floor space of all residential
the alternative minimum tax (corporations, exempt
The corporation only enters credits allocated
rental units (the “floor space percentage”).
organizations, individuals, and fiduciaries), the
under the Low-Income Housing Credit R&TC
built-in gains tax (S corporations), or the excess net
Low-income units are units occupied by qualifying
Section 23610.5(q).
passive income tax (S corporations).
tenants, while residential rental units are all units,
For more information on how to report and track
whether or not occupied.
This credit can reduce regular tax below tentative
assigned credits received by eligible assignees
minimum tax. Get the applicable Schedule P (100,
under R&TC Section 23663, get form FTB 3544A.
100W, 540, 540NR, or 541) Alternative Minimum
Line 7 – If any part of the amount on line 4 is
Tax and Credit Limitations, for more information.
from a passive activity, you must complete form
This credit is not refundable.
FTB 3801-CR, Passive Activity Credit Limitations,
or form FTB 3802, Corporate Passive Activity Loss
E Assignment of Credits
and Credit Limitations, to determine your allowable
credit. Complete form FTB 3801-CR or form
Assigned Credits to Affiliated Corporations –
FTB 3802 before completing the rest of this form.
Credit earned by members of a combined reporting
You cannot claim the credit on any building that has
group may be assigned to an affiliated corporation
been allowed any relief from the passive loss rules
that is a member of the same combined reporting
group. A credit assigned may only be claimed by
under Section 502 of the Tax Reform Act of 1986.
the affiliated corporation against its tax liability.
Line 10 – Affiliated corporations enter only credits
For more information, get form FTB 3544, Election
allocated under Low-Income Housing Credit R&TC
to Assign Credit Within Combined Reporting
Section 23610.5(q) on this line. Do not enter credits
Group, or form FTB 3544A, List of Assigned Credit
assigned from form FTB 3544. See line 12b and its
Received and/or Claimed by Assignee or go to
specific line instructions for more information on
ftb.ca.gov and search for credit assignment.
how to enter those credits on this form.
F Carryover
If the available credit exceeds the current year tax
liability, the unused credit may be carried over to
succeeding years until exhausted. Use Part II to
figure your carryover. Apply the carryover to the
earliest taxable year possible. This credit may not be
carried back and applied against a prior year’s tax.
Page 2 FTB 3521 Instructions 2015
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial