California Revenue and Taxation Code

§ 19365

RTC § 19365 Effective May 8, 2002Div. 2 · Part 10.2 · Ch. 6 · Art. 1

Statute text

(a)(1) A corporation electing to be treated as an “S corporation” for a taxable year beginning in 2002 under Chapter 4.5 (commencing with Section 23800) of Part 11 may file an application for the transfer of an overpayment with respect to payments of estimated tax for taxable years beginning in 2002 to the personal income tax accounts of its shareholders. An application under this subdivision shall not constitute a claim for credit or refund.

(2)An application under this subdivision shall be verified in the manner prescribed by Section 18621 in the case of the taxpayer, and shall be filed in the manner and form prescribed by the Franchise Tax Board. The application shall set forth all of the following:

(A)The amount the “S corporation” estimates as its tax liability under this part for the taxable year, which shall not be less than the greater of 112 percent of its net income or the applicable minimum franchise tax.

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Legislative history

Amended by Stats. 2002, Ch. 35, Sec. 32. Effective May 8, 2002.