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The document provides instructions for California Form FTB 3885, which is used by corporations to calculate depreciation and amortization deductions for the taxable year 2015. It outlines the election to expense certain property under IRC Section 179, details on depreciation methods, differences between federal and California tax laws, and specific line instructions for completing the form. The document emphasizes the importance of understanding both state and federal regulations regarding asset depreciation and amortization.

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What is the downside to section 179 deduction?

Advantages and Disadvantages of Taking Section 179 Section 179 lets businesses maximize deductions today and avoid delaying deductions to the future when the business may no longer exist. Two of the major disadvantages are as your income increases, it will move into a higher tax rate.

Who must file CA Form 565?

You must file a Partnership Return of Income (Form 565) if youre: Engaged in a trade or business in California. Have income from California sources. Use a Pass-Through Entity Ownership (Schedule EO 568) to report any ownership interest in other partnerships or limited liability companies.

Why do I need Form 3885A?

Purpose. Use form FTB 3885A, Depreciation and Amortization Adjustments, only if there is a difference between the amount of depreciation and amortization allowed as a deduction using California law and the amount allowed using federal law.

What is form 3885A used for?

A. Purpose. Use form FTB 3885A, Depreciation and Amortization Adjustments, only if there is a difference between the amount of depreciation and amortization allowed as a deduction using California law and the amount allowed using federal law.

What is the California e file return authorization?

Form FTB 8453, California e-file Return Authorization for Individuals, is the signature document for individual e-file returns. By signing this form, the taxpayer, electronic return originator (ERO), and paid preparer declare that the return is true, correct, and complete.

What is listed property for tax purposes?

Listed Property generally refers to property that could be used for personal and business purposes. For listed property, the business use must be over 50% for the taxpayer to claim the Section 179 expense or the accelerated depreciation, MACRS.

Does California use a Macrs depreciation?

Depreciation for S corporations follows the depreciation rules provided under California Personal Income Tax Law. Unlike other corporations, an S corporation is allowed to compute depreciation using the Modified Accelerated Cost Recovery System (MACRS).

What is Form 3885?

Purpose. Use form FTB 3885, Corporation Depreciation and Amortization, to calculate California depreciation and amortization deduction for corporations, including partnerships and limited liability companies (LLCs) classified as corporations.

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