California Form 3546 - Enhanced Oil Recovery Credit - 2012

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CALIFORNIA FORM
TAXABLE YEAR
3546
Enhanced Oil Recovery Credit
2012
Attach to your California tax return.
Name(s) as shown on your California tax return
SSN or ITIN
Corporation no.
FEIN
California Secretary of State (SOS) file number
Credit Computation
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 2011. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
00
6 Total available enhanced oil recovery credit. Add line 4 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 a Enter the amount of credit claimed on the current year tax return (Do not include any assigned credit
claimed on form FTB 3544A.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7a
00
This amount may be less than the amount on line 6 if your credit is limited by tentative minimum
tax or your tax liability. See instructions for line 7a.
b Total credit assigned to other corporations within combined reporting group from
00
form FTB 3544, column (g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b
00
8 Credit carryover available for future years. Add line 7a and 7b, subtract the result from line 6. . . . . . . . . . . . . . . . 8
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, 2009, and to the R&TC.
The federal enhanced oil recovery credit under
California.
IRC Section 43 and the California enhanced oil
A Purpose
• For which depreciation (or amortization)
recovery credit under R&TC Sections 17052.8
is allowable.
Use form FTB 3546, Enhanced Oil Recovery
and 23604 are generally the same, except that:
2. Any intangible drilling and
Credit, to figure the current year credit and
1. The California credit is equal to 5% of the
development costs:
any carryover credit for qualified enhanced
qualified enhanced oil recovery costs for
oil recovery costs for qualified oil recovery
• The taxpayer pays or incurs in
qualified oil recovery projects located
projects located within California. Also use
connection with a qualified enhanced
within California. The federal credit is
this form to claim pass-through enhanced
oil recovery project located
equal to 15% of the qualified enhanced oil
oil recovery credits you received from
within California.
recovery costs for qualified oil recovery
S corporations, estates or trusts, partnerships,
• For which the taxpayer elects to
projects located within the United States. It
or limited liability companies (LLCs) classified
capitalize and amortize such costs
includes the seabed and subsoil adjacent to
as partnerships.
under IRC Section 263(c) and R&TC
the territorial waters of the United States as
Sections 17201 and 24423.
S corporations, estates or trusts, partnerships,
defined under IRC Section 638(1).
and LLCs classified as partnerships should
3. Any qualified tertiary injectant expenses the
2. California does not allow the enhanced oil
complete form FTB 3546 to figure the amount
taxpayer pays or incurs in connection with
recovery credit for the following taxpayers:
of credit to pass through to shareholders,
a qualified enhanced oil recovery project
• Taxpayers who are retailers of oil
beneficiaries, partners, or members. Attach this
located within California.
or natural gas (excluding bulk sales
form to Form 100S, California S Corporation
of aviation fuels) and sell directly
For California Personal Income Tax Law and
Franchise or Income Tax Return; Form 541,
or through a related person to the
Corporation Tax Law purposes, taxpayers
California Fiduciary Income Tax Return;
Department of Defense. See IRC
must capitalize and deduct tertiary injectant
Form 565, Partnership Return of Income; or
Sections 613A(d)(2) and 613A(d)(3) for
costs through depreciation because
Form 568, Limited Liability Company Return of
more information.
California has not conformed to the
Income. Show the pass-through credit for each
• Taxpayers (or related persons) who
provisions of IRC Section 193.
shareholder, beneficiary, partner, or member
are refiners of crude oil and, on any
Qualified enhanced oil recovery project – Any
on Schedule K-1 (100S, 541, 565, or 568),
day during the taxable year, whose
project located within California involving the
Share of Income, Deductions, Credits, etc.
daily refinery output exceeded 50,000
application of one or more tertiary recovery
barrels. See IRC Section 613A(d)(4) for
B Description
methods defined in IRC Section 193(b)(3),
more information.
and mentioned below, that you can reasonably
The California enhanced oil recovery credit is
3. Taxpayers may carry over the California
expect to result in more than an insignificant
available for taxable years beginning on or after
credit for 15 years. The credit is subject
increase in the amount of crude oil recovery.
January 1, 1996. The tentative enhanced oil
to limitations described in General
Tertiary recovery methods – Methods
recovery credit is equal to 5% (representing
Information F, Limitations. The federal credit
qualifying for the credit include miscible
1/3 of the federal enhanced oil recovery credit)
is part of the general business credit subject
fluid displacement, steam drive injection,
of the qualified enhanced oil recovery costs
to the limitations imposed by IRC Section 38.
microemulsion flooding, in situ combustion,
FTB 3546 2012 Side 1
7361123
For Privacy Notice, get form FTB 1131.

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