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The document is the California Form 3885 for the taxable year 2017, which outlines the procedures for corporations to claim depreciation and amortization deductions under IRC Section 179. It includes sections for electing to expense certain property, calculating depreciation, and summarizing total deductions. The form requires details about property costs, limitations, and adjustments necessary for state tax purposes.

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Does California follow a MACRS depreciation?

California doesnt conform to MACRS or ACRS depreciation methods for 1120 C Corporations, except to the extent that such depreciation is passed through from a partnership or LLC classified as a partnership.

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).

Which federal depreciation method does California not conform to?

However, California does not conform to the federal modifications to depreciation limitations on luxury automobiles (IRC Section 280F).

In which case should form FTB 3885A be used?

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.

How does California calculate depreciation?

Depreciation calculation methods, described in RTC Section 24349, are as follows: Straight-Line. The straight-line method divides the cost or other basis of property, less its estimated salvage value, into equal amounts over the estimated useful life of the property.

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.

Is MACRS still being used?

ACRS or MACRS Generally, if youre depreciating property you placed in service before 1987, you must use the Accelerated Cost Recovery System (ACRS) or the same method you used in the past. For property placed in service after 1986, you generally must use the Modified Accelerated Cost Recovery System (MACRS).