![]() ![]() Approval and Effective Dateĭo not change the method of filing until the FTB has approved this request. The taxpayer must file form FTB 1115 with the FTB no later than the 90th day prior to the due date, including extensions, of the tax return for which the re-election would be effective.ĭo not file form FTB 1115 with the tax return because the request will not be timely filed and will be considered invalid. 18, section 25113.ĭo not use this form to renew a current water’s-edge election. The FTB may approve the corporation request for a good cause as provided in R&TC Section 25113(c)(11) and Cal. ![]() Use form FTB 1115 to request the FTB’s consent to re-elect water’s‑edge prior to the expiration of the 84-month period following the last day of the terminated election. The FTB’s consent is not required if the election was terminated as a result of an affiliation change as provided in California Revenue and Taxation Code (R&TC) Section 25113. To obtain the FTB’s consent to re-elect water’s‑edge for good cause, the taxpayer must file form FTB 1115, Request for Consent for a Water’s‑Edge Re‑Election. Good cause for this purpose has the same meaning as described in Treas. The FTB may waive the application of this rule for good cause. In general, if a corporation terminates its water’s-edge election, with or without the Franchise Tax Board’s (FTB’s) consent, it is required to file on a worldwide basis for at least 84 months before making another election. References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2015, and to the California Revenue and Taxation Code (R&TC). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |