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Screen CACr-3 - California Business Credits (1040)
Overview
Use this screen to complete portions of Forms 3523, 3801-CR, 3540, 3521, and Schedule P (540) or Schedule P (540NR).
General Information
UltraTax CS uses information in this section to calculate Forms 3801-CR and 3521.
Secretary of State file number
The Secretary of State file number entered in the
State Use
statement dialog on the federal C, Rent, F, 4835, or K1 Screens for this activity appears in this field. Changes to the SOS file number entered in this screen are not overwritten with changes made in the federal screen. The Secretary of State file number is used on Form 3521, Low-Income Housing Credit.Tax attributable to net passive income (Force) (Form 3801CR, line 6)
UltraTax CS defaults to include all net passive income in the calculation of tax attributable to net passive income. Credits generated by Limited Liability Companies have different limitations. Use this field to enter an amount different from the calculated amount. All amounts entered in all units of the CACr-3 Screen are combined for line 6.
Credits
Use this section to enter the current-year and suspended prior-year research, orphan drug, and low-income housing credit information.
183 Research (FTB 3523)
Pass-through activities:
Enter the
Current Year Credit
from the pass-through entity as reported on California Schedule K-1. UltraTax CS proformas the Prior Year Passive Credit carryover
on an activity-by-activity basis from last year’s return. UltraTax CS reports these amounts on Form 3523.If the pass-through entity is considered a passive activity, these amounts are used in the calculation of Form 3801-CR, Passive Activity Credit Limitations, which determines the portion of credit eligible to be reported on Schedule P (540) or Schedule P (540NR) and the portion to transfer forward to next year as a suspended passive activity credit carryover. If the pass-through entity is considered a non-passive activity, the amounts are used directly on Schedule P (540) or Schedule P (540NR).
Non-pass-through activities:
Enter the
Current Year Credit
as calculated by Form 3523, Part I. UltraTax CS proformas the Prior Year Passive Credit carryover
on an activity-by-activity basis from last year’s return. For non-pass-through activities, UltraTax CS does not use amounts from this screen to calculate Form 3523. Instead, use the CA3523 Screen, located in the Credits folder, to enter amounts to complete Form 3523, Part I.If the non-pass-through entity is considered a passive activity, amounts entered here are used in the calculation of Form 3801-CR, Passive Activity Credit Limitations, which determines the portion of credit eligible to be reported on Schedule P (540) or Schedule P (540NR) and the portion to transfer forward to next year as a suspended passive activity credit carryover. If the non-pass-through entity is considered a non-passive activity, the amount is used directly on Schedule P (540) or Schedule P (540NR).
note
- Per California Franchise Tax Board instructions and specifications, Form 3523 is a single unit form. However, in some cases it is necessary to calculate the available Research Credit on an activity-by-activity basis. UltraTax/1040-CA does not provide multiple units of Form 3523. If the taxpayer has Research Credits from multiple non-pass-through activities, use FTB guidelines to determine the amount to enter on the CACr-3 Screen for each activity.
- Research Credit carryover established via Form 3801-CR is calculated on an activity-by-activity basis and proformas to next year’s units of the CACr-3 Screen as suspended passive activity credit carryover. The amount of suspended passive activity credit carryover is not reported on Form 3523. Research Credit carryover calculated via Schedule P (540) or Schedule P (540NR) is reported on Form 3523 and is transferred forward separately. UltraTax CS proformas a single amount of Research Credit carryover as calculated via Schedule P to next year’s CACrCO-2 Screen.
185 Orphan Drug (FTB 3540)
Enter only the suspended prior-year passive activity credit from Form 3801-CR in this field. Use the CACrCO-2 Screen to enter the prior-year credit transferred forward from Schedule P.
Pre 1990 property / Post 1989 property
Enter any current-year or suspended credits from passive activities. This information is combined with the information entered in the
Form 3521 general information
statement dialog to calculate Form 3521, line 3, and Form 3801-CR. Use the CACrCO-2 Screen to enter the amount of credit carryforward from last year’s Schedule P.