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Changes to 2008 Forms

Updates to the Schedule P (540NR) on 02/21/2014 –– Alternative Minimum Tax and Credit Limitations - Nonresidents and Part-Year Residents

We replaced text on:

  1. Side 1, Line 13
  2. Side 1, after Line 13k, Pollution control facilities
  3. Side 1, Line 13l
  4. Side 1, Line 13m
  5. Side 1, Line 13n
  6. Side 1, after Line 13n
  7. Side 2, after Line 29p, Pollution control facilities
  8. Side 2, Line 29q
  9. Side 2, Line 29r
  10. Side 2, Line 29s
  11. Side 2, after Line 29s

Previous Version

  1. 13 Other. Enter the amount, if any, for each item, a through n and enter the total on line 13. See instructions.
  2. Note: new text added.
  3. l Research and experimental costs. . . . . . . . . . . . . . . . l
  4. m Tax shelter farm activities. . . . . . . . . . . . . . . . m
  5. n Related adjustments. . . . . . . . . . . . . . . . n
  6. Add amounts on line a through line n
  7. Note: new text added.
  8. q Research and experimental costs
  9. r Tax shelter farm activities
  10. s Related adjustments
  11. Add line a through line s

Revised Version

  1. 13 Other. Enter the amount, if any, for each item, a through o and enter the total on line 13. See instructions.
  2. l Qualified small business stock.......................... l _______| 00
  3. m Research and experimental costs. . . . . . . . . . . . . . . . m
  4. n Tax shelter farm activities. . . . . . . . . . . . . . . . n
  5. o Related adjustments. . . . . . . . . . . . . . . . o
  6. Add amounts on line a through line o
  7. q Qualified small business stock... _______| 00
  8. r Research and experimental costs
  9. s Tax shelter farm activities
  10. t Related adjustments
  11. Add line a through line t

Reason for the changes

AB 1412 (Stats. 2013, ch. 546), signed by the Governor on October 4, 2013, retroactively allows the Qualified Small Business Stock (QSBS) deferral and 50 percent gain exclusion for tax years 2008 through 2012.

Impact

This revision may decrease the tax liability for taxpayers who did not report a QSBS exclusion or deferral for taxable years beginning on or after January 1, 2008.

Back to Tax Form Changes for 2008


Updates to the Schedule P (540NR) on 02/26/2013 –– Alternative Minimum Tax and Credit Limitations - Nonresidents and Part-Year Residents

We replaced text on:

  1. Side 1, Line 13
  2. Side 1, Line 13l
  3. Side 1, Line 13m
  4. Side 1, Line 13n
  5. Side 1, Line 13o
  6. Side 1, Line 13, Total Line
  7. Side 2, Line 29q
  8. Side 2, Line 29r
  9. Side 2, Line 29s
  10. Side 2, Line 29t
  11. Side 2, Line 29, Total Line

Previous Version

  1. 13. Other. Enter the amount, if any, for each item, a through o and enter the total on line 13. See instructions.
  2. 13l. Qualified small business stock
  3. 13m.
  4. 13n.
  5. 13o.
  6. 13. Add amounts on line a through line o
  7. Line 29q. Qualified small business stock
  8. Line 29r
  9. Line 29s
  10. Line 29t
  11. Line 29, Total Line, Add line a through line t and enter total here

Revised Version

  1. 13. Other. Enter the amount, if any, for each item, a through n and enter the total on line 13. See instructions.
  2. Note: text deleted.
  3. 13l.
  4. 13m.
  5. 13n.
  6. 13. Add amounts on line a through line n
  7. Note: text deleted.
  8. Line 29q
  9. Line 29r
  10. Line 29s
  11. Line 29, Total Line, Add line a through line s and enter total here

Reason for the changes

The Court of Appeal’s held in Cutler v. Franchise Tax Board (2012) 208 Cal. App. 4th 1247, that the qualified small business stock exclusion and deferral statutes under California Revenue and Taxation Code (R&TC) Sections 18152.5 and 18038.5 are unconstitutional. These sections are now invalid and unenforceable.

Impact

This revision increases the tax liability for taxpayers who reported a qualified small business stock exclusion or deferral for taxable years beginning on or after January 1, 2008.

Back to Tax Form Changes for 2008