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Printable Form 1120-S (Schedule K-1) Oxnard California: What You Should Know

Schedule K-1 (Form 1120-S) with a California State Income Tax  Certificate of Dissolution California corporations' shareholders can dissolve their corporation either in writing or, if it has been dissolved in any other state, by filing a certificate with the California Secretary of State. See a list of dissolved California corporations. For additional information,  California's Dissolution of a Business For information on California's Dissolution of a Business rules, see the following resources from the California Franchise Tax Board:  California Franchise Tax Board (FT) Division of Franchise Tax Compliance (CTC) is the regulatory authority responsible for the collection of the federal franchise tax on companies doing business in California.  Tax Deductible Expenses IRS Schedule K-1 must include all expenses of the corporation that are deductible under federal laws. These are not limited to ordinary and necessary business expenses. The expenses that can be listed on Schedule K-1 are limited to those expenses related to the income tax liability of the corporation. Any other item that is an ordinary and necessary business expense may be listed on Schedule K-1, subject to the limitations on amounts. These items include: Operating expenses. See Cal. Business and Professions Code section 830, the general provisions governing operating expenses. Expenses of Shareholders See Cal. Business and Professions Code section 7609 and the applicable section of the Code relating to the expenses of shareholders and owners (as that term is specified in Revenue and Taxation Code section 831, the section governing corporate expenses). The following expenses may be included on Schedule K-1: The costs of the shareholders' share of investment income (such as dividends, interest, and capital gains or losses), including any reasonable share of the amount allocable to any investment or property. All operating expenses which are for the benefit of the corporation and are paid from and paid to the company account of the shareholders. All expenses that are not regular business expenses (other than depreciation, interest and certain charitable contributions). All expenses that are reasonably incurred in the conduct of the business and are for the purpose of making the corporation and its properties available for the business activity. If this is not the case, the expenses may not be included in the gross income of the shareholders. Shareholders in joint ventures or similar partnerships have a different tax treatment than ordinary corporations. You must determine if a partnership-type arrangement is subject to tax as an S corporation.

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