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California Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers
Extracted from PDF file 2023-california-form-100-w-schedule-p.pdf, last modified October 2023Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers
TAXABLE YEAR 2023 Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers CALIFORNIA SCHEDULE P (100W) Attach to Form 100W. Corporation name California corporation number Part I Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation 1 Net income (loss) after state adjustments. Enter the amount from Form 100W, line 17 or Schedule R, line 1c. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Adjustments. See instructions. a Depreciation of tangible property placed in service after 1986 and before 1999 . . . . . . . 2a 00 b Amortization of certified pollution control facilities placed in service after 1986 . . . . . . . 2b 00 c Amortization of mining exploration and development costs incurred after 1987 . . . . . . . 2c 00 d Basis adjustments in determining gain or loss from sale or exchange of property. . . . . . 2d 00 e Long-term contracts entered into after February 28, 1986. . . . . . . . . . . . . . . . . . . . . . . . 2e 00 f Installment sales of certain property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2f 00 g Tax shelter farm activities (personal service corporations only). . . . . . . . . . . . . . . . . . . . 2g 00 h Passive activities (closely held corporations and personal service corporations only). . . 2h 00 i Certain loss limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2i 00 j Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a. 2j 00 k Merchant marine capital construction funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2k 00 l Combine line 2a through line 2k. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Tax preference items. See instructions. a Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3a 00 b Intangible drilling costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3b 00 c Add line 3a and line 3b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Pre-adjustment alternative minimum taxable income (AMTI): a Combine line 1, line 2l, and line 3c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Apportioned pre-adjustment AMTI. If income is derived from sources both within and outside of California, see instructions. Otherwise, enter the amount from line 4a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Adjusted current earnings (ACE) adjustment: a Enter ACE. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5a 00 b Apportioned ACE. If income is derived from sources both within and outside of California, see instructions. Otherwise, enter the amount from line 5a. . . . . . . . . . . . . . . 5b 00 c Subtract line 4b from line 5b (even if one or both of the figures are negative). If negative, use brackets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5c 00 d Multiply line 5c by 75% (.75) and enter the result as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . e Enter the excess, if any, of the corporation’s total increases in AMTI from prior year ACE adjustments over its total reductions in AMTI from prior year ACE adjustments. Enter an amount on line 5e (even if line 5c is positive) . . . . . . . . . . f ACE adjustment: • If line 5c is a positive amount or zero, enter the amount from line 5d on line 5f as a positive amount. • If line 5c is a negative amount, enter the smaller of line 5d or line 5e on line 5f as a negative amount. . . . . . . . . . . . . . . 6 Combine line 4b and line 5f. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 a Reduction for disaster loss deduction, if any, from Form 100W, line 21. . . . . . . . . . . . . . 7a 00 b AMT net operating loss deduction. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7b 00 c Combine line 7a and line 7b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 AMTI. Subtract line 7c from line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Enter $40,000 exemption. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Enter $150,000 limitation. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Subtract line 10 from line 8. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Multiply line 11 by 25% (.25). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Exemption. Subtract line 12 from line 9. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Subtract line 13 from line 8. If zero or less, enter -0-. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Multiply line 14 by 6.65% (.0665). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 00 16 Banks and financial corps. Multiply Form 100W, line 22, by 2.00% (.0200). See instructions. 16 00 7961233 1 00 2l 00 3c 00 4a 00 4b 00 5d 00 5e 00 5f 6 00 00 7c 00 8 00 9 00 10 00 11 00 12 00 13 00 14 00 Schedule P (100W) 2023 Side 1 Part I Tentative Minimum Tax (TMT) and Alternative Minimum Tax (AMT) Computation (continued) 17 TMT. Add line 15 and line 16 from Side 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Regular tax before credits. Enter the amount from Form 100W, line 23. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 AMT. Subtract line 18 from line 17. If zero or less, enter -0-. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 00 00 00 1 2 00 00 Part II Credits that Reduce Tax. See instructions. 1 Regular tax from Form 100W, line 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 TMT (before credits) from Part I, line 17 (but not less than the minimum franchise tax, if applicable) . . . . . . . . . . . . . . . . (a) Credit amount (b) Credit used this year Section A – Credits that reduce excess regular tax. 3 Subtract line 2 from line 1. If zero or less, enter -0- and see instructions. This is the excess regular tax which may be offset by credits . . . . . . . . . . . . 3 A1 Credits that reduce excess regular tax and have no carryover provisions. 4 Code: 162 Prison Inmate Labor Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 A2 Credits that reduce excess regular tax and have carryover provisions. See instructions. 5 Code: ___ ___ ___ Credit Name:_______________________________ 5 6 Code: ___ ___ ___ Credit Name:_______________________________ 6 7 Code: ___ ___ ___ Credit Name:_______________________________ 7 8 Code: ___ ___ ___ Credit Name:_______________________________ 8 9 Code: 188 Credit for prior year AMT from Part III, line 3 . . . . . . . . . . . . . . 9 Section B – Credits that may reduce regular tax below TMT. 10 If Part II, line 3 is zero, enter the amount from line 1 minus the minimum franchise tax, if applicable. If line 3 is more than zero, enter the total of Part II, line 2, minus the minimum franchise tax, if applicable, plus line 9, column (c) or the last entry in column (c) . . . . . . . . . . . . . . . . . . . . . . . 10 B Credits that reduce net tax and have carryover provisions. See instructions. 11 Code: ___ ___ ___ Credit Name:_______________________________ 11 12 Code: ___ ___ ___ Credit Name:_______________________________ 12 13 Code: ___ ___ ___ Credit Name:_______________________________ 13 14 Code: ___ ___ ___ Credit Name:_______________________________ 14 Section C – Credits that may reduce AMT. See instructions. 15 Enter the AMT from Part I, line 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16a Code: 180 Solar Energy Credit carryover from Section B, column (d) . . . . . 16a 16b Code: 181 Commercial Solar Energy Credit carryover from Section B, column (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16b 17 Code: 176 Enterprise Zone Hiring & Sales or Use Tax Credit carryover from Section B, column (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Adjusted AMT. Enter the balance from line 17, column (c) here and on Form 100W, line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Part III Credit for Prior Year AMT 1 Enter the AMT from the 2022 Schedule P (100W). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Carryover of unused credit for prior year AMT. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Total available credit. Add line 1 and line 2. Enter here and on Part II, line 9, column (a). . . . . . . . . . . . . . . . . . . . . . . . . . . (c) Tax balance that may be offset by credits (d) Credit carryover Side 2 Schedule P (100W) 2023 7962233 1 2 3 00 00 00
2023 Schedule P (100W) Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
More about the California Form 100-W Schedule P Corporate Income Tax Tax Credit TY 2023
We last updated the Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers in February 2024, so this is the latest version of Form 100-W Schedule P, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 100-W Schedule P directly from TaxFormFinder. You can print other California tax forms here.
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TaxFormFinder has an additional 174 California income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the California Form 100-W Schedule P.
| Form Code | Form Name |
|---|---|
| Form 100-W | California Corporation Franchise or Income Tax Return |
| Form 100-WE Form | Water's-Edge Election |
| Form 100-W Schedule H | Dividend Income Deduction - Water's-Edge Filers |
View all 175 California Income Tax Forms
Form Sources:
California usually releases forms for the current tax year between January and April. We last updated California Form 100-W Schedule P from the Franchise Tax Board in February 2024.
Form 100-W Schedule P is a California Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of California Form 100-W Schedule P
We have a total of thirteen past-year versions of Form 100-W Schedule P in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 100-W Schedule P
2023 Schedule P (100W) Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2022 Form 100-W Schedule P
2022 CALIFORNIA SCHEDULE P (100W) Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2021 Form 100-W Schedule P
2021 California Schedule P (100W) Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2020 Form 100-W Schedule P
2020 Schedule P (100W) Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2019 Form 100-W Schedule P
2019 Schedule P (100W) Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2018 Form 100-W Schedule P
2018 Schedule P (100W) - Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2017 Form 100-W Schedule P
2017 Schedule P (100W) - Alternative Minimum Tax and Credit Limitations — Water’s-Edge Filers
2016 Form 100-W Schedule P
2016 Schedule P (100W) -- Alternative Minimum Tax and Credit Limitations-Water's Edge Filers
2015 Form 100-W Schedule P
2015 Schedule P (100W) -- Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers
2014 Form 100-W Schedule P
2014 Schedule P (100W) -- Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers
2013 Form 100-W Schedule P
2013 Schedule P (100W) -- Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers
2012 Form 100-W Schedule P
2012 Schedule P (100W)
2011 Form 100-W Schedule P
2011 Schedule P (100W) -- Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers
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