California Schedule D (541) - Capital Gain Or Loss - 2012 Page 2

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C Basis
Specific Line Instructions
Nonresident and part-year resident
beneficiaries may have to report their loss
California law generally follows federal law with
If you file Form 109, California Exempt
carryovers, deferred deductions, and deferred
respect to basis. In determining the basis of
Organization Business Income Tax
income differently from the manner shown on
property apply one of the following:
Return, attach a copy of your completed
their Schedule K-1 (541), Beneficiary’s Share
Schedule D (541) to Form 109.
Gift
of Income, Deductions, Credits, etc. For more
Generally, use the donor’s basis if the
information, get FTB Pub. 1100, Taxation of
Part I – Capital Gain and Loss
transaction results in a gain. Use the lower
Nonresidents and Individuals Who Change
of the donor’s basis or the fair market value
Line 2 – If the estate or trust sold property
Residency.
(FMV) on the date of the gift if the transaction
at a gain this taxable year and is to receive
Column (b) — Fiduciary
results in a loss.
any payment in a later taxable year, use the
Enter the amounts of the gain or loss allocable
installment method and file form FTB 3805E,
Inherited property
to the fiduciary.
Installment Sale Income. If the estate or trust
Use the FMV at the date of death, unless an
Enter any capital gain paid or permanently
elects out of the installment method, report
alternate valuation date election is made under
set aside for charitable purposes, IRC
the gain or loss on line 1. Also, use form
IRC Section 2032.
Section 642(c), in column (b).
FTB 3805E if a payment was received in the
For special cases involving property acquired
Column (c) — Total
taxable year from a sale made in an earlier year
from a decedent before 1987, see former
The amount entered on line 9, column (c),
on the installment basis.
R&TC Sections 18031 through 18033.
should be the total of the amounts shown on
If the estate or trust elects not to use the
The basis of the decedent’s one-half of
line 9, column (a) and column (b).
installment method and is reporting a note
community property is the FMV at date of
Form 109 filers, see instructions for that form.
or other obligation at less than face amount
death. If the decedent’s death occurred after
on line 1, state that fact in the margin and
December 31, 1986, the basis of the surviving
Part III – Computation of
give the percentage of valuation. Get federal
spouse’s one-half of community property
Publication 537, Installment Sales, and
Capital Loss Limitation
becomes the FMV on the date of the decedent’s
Publication 559, Survivors, Executors, and
death.
Line 10 – If line 9, column (c), shows a loss,
Administrators, for additional information.
the loss is limited at line 10 to the smaller of
Depreciation Methods and Property
Line 4 – Report the amount from
the amount of the loss or $3,000.
Expensing
Form 1099-DIV, box 2a, on line 4.
California law has not always conformed to
Form 109 filers, see instructions for that form.
Line 7 – Enter the amount of unused capital
federal law regarding depreciation methods,
loss carryover from prior years.
Part IV – Computation of
special credits, or accelerated write offs.
Consequently, the recovery period and the
There is no capital loss carryover from a
Capital Loss Carryover from
basis on which depreciation is calculated may
decedent to an estate.
2012 to 2013
be different from the amounts used for federal
Part II – Summary of Part I
purposes.
Complete the Capital Loss Carryover
Worksheet in the instructions for federal
Before 1987, California law disallowed the
Line 9 – Use line 9 to summarize the gain or
Schedule D (Form 1041). Use California
use of accelerated cost recovery system
loss computed in Part I.
amounts to determine the capital loss
(ACRS). California depreciation is calculated
Column (a) — Beneficiaries
carryover.
in the same manner as in prior years for those
Enter the amounts of capital gain or loss
assets. The election to expense certain tangible
allocable to the beneficiaries. Do not allocate
property does not apply to estates and trusts.
capital losses to beneficiaries unless the capital
Figure the original basis using the California
losses are required to offset capital gains.
law in effect when the asset was acquired, and
Refer to IRC Section 643(a). Any capital loss
adjust it according to provisions of California
carryover for the final year is allowed to the
law in effect. For more information get form
beneficiaries, to the extent of their distributive
FTB 3885F, Depreciation and Amortization, and
shares.
FTB Pub. 1001, or refer to the R&TC.
D Internet Access
You can download, view, and print California
tax forms and publications at ftb.ca.gov.
Access other California state agency websites
at ca.gov.
Page 1
Schedule D (541) 2012

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