Form 100 Booklet (2024) — Corporation Tax Booklet (instructions)

California
Forms & Instructions
Corporation
Tax Booklet
This booklet contains:
Form 100, California Corporation
Franchise or Income Tax Return
Members of the Franchise Tax Board
Malia M. Cohen, Chair
Sally J. Lieber, Member
Joe Stephenshaw, Member
For more information regarding business e-file, see page 2 or go to ftb.ca.gov and search for business efile.

Page 2 Form 100 Booklet 2024
Table of Contents
Instructions for Form 100 3
What's New/Tax Law Changes 3
R&TC Section 41 Reporting Requirements 3
General Information A, Franchise or Income Tax 7
General Information C, Minimum Franchise Tax 8
Form 100, California Corporation Franchise or Income Tax Return 23
Credit Chart29
Principal Business Activity Codes 31
How to Get California Tax Information 35
Business e-file
Business e-file is available for the following returns:

• Form 100, California Corporation Franchise or Income Tax Return, including combined reports
• Form 100S, California S Corporation Franchise or Income Tax Return
• Form 100W, California Corporation Franchise or Income Tax Return -

Water's-Edge Filers, including combined reports

• Form 100X, Amended Corporation Franchise or Income Tax Return
• Form 109, California Exempt Organization Business Income Tax Return
• Form 199, California Exempt Organization Annual Information Return
• Form 565, Partnership Return of Income
• Form 568, Limited Liability Company Return of Income

For more information, go to ftb.ca.gov and search for business efile.

Form 100 Booklet 2024 Page 3
2024 Instructions for Form 100
California Corporation Franchise or Income Tax Return
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).
Differences between California and Federal Law
In general, for taxable years beginning on or after January 1, 2015, California law conforms to the Internal Revenue Code (
IRC) as of
January 1, 2015. However, there are continuing differences between California and federal law. When California conforms to federal tax law changes, we do not always adopt all of the changes made at the federal level. For more information, go to ftb.ca.gov and search for conformity. Additional information can be found in FTB Pub. 1001, Supplemental
Guidelines to California Adjustments, the instructions for California Schedule
CA (540),
California Adjustments - Residents, or
Schedule
CA (540NR), California Adjustments -
Nonresidents or Part-Year Residents, and the
Business Entity tax booklets.
The instructions provided with California tax forms are a summary of California tax law and are only intended to aid taxpayers in preparing their state income tax returns. We include information that is most useful to the greatest number of taxpayers in the limited space available. It is not possible to include all requirements of the California Revenue and Taxation Code (R&TC) in the instructions.
Taxpayers should not consider the instructions as authoritative law.
What's New/Tax Law Changes
Reporting Requirements - Taxpayers may need to file form FTB 4197, Information on
Tax Expenditure Items, with the tax return to report tax expenditure items as part of the
Franchise Tax Board's (FTB's) annual reporting requirements under R&TC Section 41. To determine if you have an R&TC Section 41 reporting requirement, see the R&TC
Section 41 Reporting Requirements section or get form FTB 4197.
Business Entity Tax Products - The 100,
Corporation Tax Booklet has been reformatted to include only Form 100, California
Corporation Franchise or Income Tax Return and related instructions.
Wildfire Relief Payment - For taxable years beginning after December 31, 2019, and before
January 1, 2026, the Federal Disaster Tax
Relief Act of 2023, allows an exclusion from gross income for any amount received by an individual as a qualified wildfire relief payment.
Generally, California law does not conform.
If any qualified amount was excluded from income for federal purposes and California law provides no similar exclusion, include that amount in income for California purposes.
Wildfire Mitigation Payment - For taxable years beginning on or after January 1, 2024, and before January 1, 2029, California law allows a qualified taxpayer an exclusion from gross income for any amount received as a
California qualified wildfire loss mitigation payment through the California Wildfire
Mitigation Financial Assistance Program.
For more information, see Specific Line
Instructions and R&TC Section 24308.10.
Net Operating Loss Suspension - For taxable years beginning on or after January 1, 2024, and before January 1, 2027, California has suspended the net operating loss (
NOL) carryover deduction. Corporations may continue to compute and carryover an
NOL during the suspension period. However, corporations with taxable income of less than
$1,000,000 or with disaster loss carryovers are not affected by the
NOL suspension rules.
The carryover period for suspended losses is extended by:

• Three years for losses incurred in taxable years beginning before January 1, 2024.
• Two years for losses incurred in taxable years beginning on or after January 1, 2024, and before

January 1, 2025.

• One year for losses incurred in taxable years beginning on or after January 1, 2025, and before

January 1, 2026.
For more information, see R&TC Section
24416.24 and get form FTB 3805Q, Net
Operating Loss (
NOL) Computation and NOL and Disaster Loss Limitations - Corporations.
Credit Limitation - For taxable years beginning on or after January 1, 2024, and before January 1, 2027, there is a $5,000,000 limitation on the application of credits. The total of all credits including the carryover of any credit for the taxable year may not reduce the "tax" by more than $5,000,000. This limitation does not apply to the Low-Income
Housing Credit. The credit for prior year alternative minimum tax (
AMT) is not subject to the credit limitation. For taxpayers included in a combined report, the limitation is applied at the group level.
For each taxable year of the limitation, taxpayers may make an irrevocable election to receive an annual refundable credit amount, in future tax years, for credits disallowed due to the $5,000,000 limitation. The election must be made annually by completing form FTB 3870,
Election for Refundable Credit, and attaching it to an original, timely filed tax return.
If a taxpayer does not choose to make the election outlined above, credits disallowed due to the limitation may be carried over. The carryover period for disallowed credits is extended by the number of taxable years the credit was not allowed.
For more information, refer to R&TC
Sections 23036.4 and 23036.5 and get form
FTB 3870.
Intangible Drilling and Development Costs -
California law does not allow the deduction for intangible drilling and development costs in the case of oil and gas wells paid or incurred on or after January 1, 2024 (R&TC Section 24423 has been repealed). For more information, get Schedule P (100), Alternative Minimum
Tax and Credit Limitations - Corporations and form FTB 3885, Corporation Depreciation and
Amortization.
Percentage Depletion - For taxable years beginning on or after January 1, 2024,
California law does not allow the calculation of depletion as a percentage of gross income from the property for specified natural resources, including coal, oil shale, oil and gas wells. R&TC Sections 24831.3 and 24831.6 allowing state nonconformity to federal rules for percentage depletion of certain refiner exclusions as well as the temporary suspension of taxable income limit for marginal production have also been repealed. For more information, see R&TC Section 24831 and get
Schedule P (100) and form FTB 3885.
New Advanced Strategic Aircraft Credit - The sunset date for the New Advanced Strategic
Aircraft Credit to reduce tax below the tentative minimum tax (TMT) is extended until taxable years beginning before January 1, 2031. For more information, see R&TC Section 23036 and get Schedule P (100).
Enhanced Oil Recovery Credit Repeal - For taxable years beginning on or after January 1, 2024, the Enhanced Oil Recovery Credit has been repealed. Taxpayers may now only claim available carryovers. For more information, get form FTB 3540, Credit Carryover and
Recapture Summary.
Postponement of Certain Tax-Related
Deadlines - Beginning on or after
June 27, 2024, the Director of Finance shall determine when
IRC Section 7508A, related to postponement of certain federal tax-related deadlines, applies for California purposes to a taxpayer affected by a state of emergency declared by the Governor or a federally declared disaster. Impacted taxpayers can request an additional relief period if the state postponement period expires before the federal postponement period by filing form
FTB 3872, California Disaster Relief Request for Postponement of Tax Deadlines. For more information, get form FTB 3872 and see R&TC
Section 18572.
Conformity - For updates regarding the federal acts, go to ftb.ca.gov and search for conformity.
R&TC Section 41 Reporting
Requirements
Taxpayers should file form FTB 4197 with the tax return to report tax expenditure items as part of the FTB's annual reporting requirements under R&TC Section 41. "Tax expenditure" means a credit, deduction, exclusion,

Page 4 Form 100 Booklet 2024 exemption, or any other tax benefit provided for by the state. The FTB uses information from form FTB 4197 for reports required by the
California Legislature. Taxpayers that have a reporting requirement for any of the following should file form FTB 4197:

• For taxable years beginning on or after January 1, 2024, and before

January 1, 2029, qualified taxpayers who benefited from the exclusion from gross income for any amount received as a
California qualified wildfire loss mitigation payment through the California Wildfire
Mitigation Financial Assistance Program.

• For taxable years beginning on or after

January 1, 2020, and before January 1,
2028, qualified taxpayers who benefited from the exclusion from gross income for any qualified amount received in a settlement from Pacific Gas and Electric
(PG&E) Company or its subsidiary relating to the 2019 Kincade Fire.

• For taxable years beginning on or after

January 1, 2020, and before January 1,
2028, qualified taxpayers who benefited from the exclusion from gross income for any qualified amount received in a settlement from PG&E Company or its subsidiary relating to the 2020 Zogg Fire.

• For taxable years beginning before

January 1, 2027, qualified taxpayers who benefited from the exclusion from gross income for any amount received in a settlement from Southern California Edison for claims relating to the 2017 Thomas Fire or the 2018 Woolsey Fire.

• For taxable years beginning before

January 1, 2030, a corporation that is a small business solely owned by a deployed member of the United States Armed Forces that meet the requirements to be exempted from the minimum franchise tax.

• For taxable years beginning on

January 1, 2022, and before
January 1, 2027, taxpayers who benefited from the exclusion of gross income for any amount received as a rebate, voucher, or other financial incentive issued by a public water system, as defined, local government, or state agency for participation in a turf replacement water conservation program.

• For taxable years beginning on or after

January 1, 2021, taxpayers who benefited from the exclusion from gross income for the Paycheck Protection Program (PPP) loans forgiveness, other loan forgiveness, the Economic Injury Disaster Loan (
EIDL) advance grant, restaurant revitalization grant, or shuttered venue operator grant, and related eligible expense deductions.

• Beginning on or after January 1, 2020,

C corporation partners (including corporation filing a combined report) and S corporation partners that received
Schedule K-1 from a partnership that is operating a commercial cannabis activity licensed under California Medicinal and
Adult-Use Cannabis Regulation and
Safety Act (
MAUCRSA).
For more information, get form FTB 4197.
Important Information

• The FTB offers e-filing for the following entities:
• Corporations filing Form 100, including combined reports and certain accompanying forms and schedules.
• Corporations filing Form 100X,

Amended Corporation Franchise or
Income Tax Return.

• Exempt homeowners associations and exempt political organizations filing

Form 100.

• Exempt organizations filing Form

109, California Exempt Organization
Business Income Tax Return.

• Exempt organizations filing Form 199,

California Exempt Organization Annual
Information Return.
Check with the software providers to see if they support business e-filing.

• California law requires business entities that file an original or amended tax return that is prepared using tax preparation software to electronically file (e-file) their tax return with the FTB. For more information, go to ftb.ca.gov and search for business efile.
• Corporations can make payments online using Web Pay for Businesses.

Corporations can make an immediate payment or schedule payments up to a year in advance. Go to ftb.ca.gov/pay.

• Corporations can use a Discover,

MasterCard, Visa, or American Express
Card to pay business taxes. Go to officialpayments.com.
ACI Payments, Inc.
(formerly Official Payments) charges a convenience fee for using this service.

• Corporations can make an estimated tax or extension payment using tax preparation software. Check with the software provider to determine if they support Electronic

Funds Withdrawal (
EFW) for estimated tax or extension payments.

• The Internal Revenue Service (IRS) requires certain corporations to file Schedule  UTP

(Form 1120), Uncertain T ax Position
Statement, with their income tax returns.
For California purposes, if a corporation is required to file Schedule
UTP (Form 1120) with their federal tax return, the corporation must attach a copy of federal Schedule
UTP
(Form 1120) to the California tax return.

• Gross Income Exclusion for Bruce's

Beach - Effective September 30, 2021,
California law allows an exclusion from gross income for the first time sale in the taxable year in which the land within
Manhattan State Beach, known as "Peck's
Manhattan Beach Tract Block 5" and commonly referred to as "Bruce's Beach" is sold, transferred, or encumbered. A recipient's gross income does not include the following:

• Any sale, transfer, or encumbrance of

Bruce's Beach;

• Any gain, income, or proceeds received that is directly derived from the sale, transfer, or encumbrance of Bruce's

Beach.

• For taxable years beginning on or after

July 1, 2019, California requires taxpayers to use their federal
IRC Section 338 election treatment for certain stock purchases treated as asset acquisitions or deemed election where purchasing corporation acquires asset of target corporation. If an election has not been made by a taxpayer under
IRC
Section 338, the taxpayer shall not make a separate state election for California.

• Under IRC Section 951A, if the corporation is a U.S. shareholder of a controlled foreign corporation, the corporation must include global intangible low-taxed income (

GILTI) in its income. California does not conform.

• The federal Tax Cuts and Jobs Act (TCJA) signed into law on December 22, 2017, made changes to the

IRC. The R&TC does not conform to all of the changes. In general, for taxable years beginning on or after January 1, 2019, California conforms to the following
TCJA provisions:

• Federal Deposit Insurance Corporation

(
FDIC) Premiums

• Excess employee compensation
• The TCJA amended IRC Section 1031 limiting the nonrecognition of gain or loss on like-kind exchanges to real property held for productive use or investment. California conforms to this change under the

TCJA for exchanges initiated after January 10, 2019.

• For taxable years beginning on or after

January 1, 2019, California conforms to certain provisions of the
TCJA relating to changes to accounting methods for small businesses.

• If the corporation was involved in a reportable transaction, including a listed transaction, that corporation may have a disclosure requirement. Attach federal

Form 8886, Reportable Transaction
Disclosure Statement, to the back of the
California return along with any other supporting schedules. If this is the first time the reportable transaction is disclosed on the return, send a duplicate copy of federal Form 8886 to the address below.

# TAX SHELTER FILING

ABS 389 MS F340

# FRANCHISE TAX BOARD

PO BOX 1673
SACRAMENTO CA 95812-9900
The FTB may impose penalties if the corporation fails to file federal Form 8886,
Form 8918, Material Advisor Disclosure
Statement, or any other required information. A material advisor is required to provide a reportable transaction number

Form 100 Booklet 2024 Page 5 to all taxpayers and material advisors for whom the material advisor acts as a material advisor. For more information, go to ftb.ca.gov and search for disclosure obligation.

• The IRS allows corporations with at least

$10 million but less than $50 million in total assets at tax year end to file Schedule
M-1 (Form 1120/1120-F), Reconciliation of Income (Loss) per Books With Income per Return, in place of Schedule M-3
(Form 1120/1120-F), Net Income (Loss)
Reconciliation for Corporations With
Total Assets of $10 Million or More,
Parts
II and III. However, Schedule M-3
(Form 1120/1120-F), Part  I, is required for these corporations. For California purposes, the corporation must complete the California
Schedule M-1. For more information, see the instructions for Schedule M-1 -
Reconciliation of Income (Loss) per Books
With Income (Loss) per Return, in this booklet.

• R&TC Section 25128.7 requires all business income of an apportioning trade or business, other than an apportioning trade or business under R&TC

Section 25128(b), to apportion its business income to California using the single-sales factor formula. For more information, get
Schedule R, Apportionment and Allocation of Income, or go to ftb.ca.gov and search for single sales factor.

• R&TC Section 25136 requires all taxpayers to assign sales, other than sales of tangible personal property, using market assignment. For more information, get

Schedule R or go to ftb.ca.gov and search for market assignment.

• R&TC Section 25120 was amended to add the definition of gross receipts. For a complete definition of "gross receipts," refer to R&TC Section 25120(f), or go to ftb.ca.gov and search for 25120.
• R&TC Section 25135(b) adopts the

Finnigan rule in assigning sales from tangible personal property.
For more information regarding
"gross receipts" or "Finnigan rule," get
Schedule R, or go to ftb.ca.gov and search for corporation law changes.

• Beginning on or after January 1, 2012, a type of corporation called a "benefit corporation" can be formed with the purpose of creating general public benefit, provided certain requirements are met. An existing corporation can become a "benefit corporation," if certain procedures are followed. In addition, a

"benefit corporation," can be created through a merger or reorganization, if certain requirements are met. For more information, see the Corporations Code, commencing with Section 14600.

• Beginning on or after January 1, 2012, a type of corporation called a "flexible purpose corporation" could be formed, provided certain requirements were met. An existing corporation could merge or convert into a "flexible purpose corporation," upon completion of certain requirements. A

"flexible purpose corporation" must have a special purpose which may include but is not limited to, charitable and public purpose activities that could be carried out by a nonprofit public benefit corporation.
For more information, see the Corporations
Code, commencing with Section 2500.

• Effective January 1, 2015, all references to "flexible purpose corporations" in the Corporations Code are changed to

"social purpose corporations," although the requirements are substantially the same as prior law. Any flexible purpose corporation formed before
January 1, 2015, may elect to amend its articles of incorporation to change its status to a "social purpose corporation."
If a flexible purpose corporation formed prior to January 1, 2015, does not amend its articles of incorporation to change its status, any reference to "social purpose corporation" in the Corporations Code is deemed a reference to a "flexible purpose corporation." For more information, see the Corporations Code, commencing with
Section 2500.

• R&TC Section 24343.2 disallows the deduction for payments made to a club that restricts membership or the use of its services or facilities on the basis of ancestry or any characteristic listed or defined in Section 11135 of the Government

Code, except for genetic information.

• For taxable years beginning on or after

January 1, 2007, interest and dividends from intangible assets held in connection with a treasury function of the taxpayer's unitary business, as well as the gross receipts and any overall net gain from the maturity, redemption, sale, exchange, or other disposition of these assets, are excluded from the sales factor. This exclusion encompasses the use of futures contracts and options contracts to hedge foreign currency fluctuations. See Cal.
Code Regs., tit. 18 section 25137(c)(1)(D) for more information. For taxable years beginning on or after January 1, 2011, see
R&TC Section 25120(f).

• Credit earned by members of a combined reporting group may be assigned to an affiliated corporation that is an eligible member of the same combined reporting group. A credit assigned may only be claimed by the affiliated corporation against its tax liability. For more information, get form FTB 3544, Assignment of Credit, or go to ftb.ca.gov and search for credit assignment.
• Group nonresident returns may include:
• Less than two nonresident individuals.
• Nonresident individuals with more than

$1 million of California taxable income.
An additional 1% tax will be assessed on nonresident individuals who have California taxable income over $1 million.
Get FTB Pub. 1067, Guidelines for Filing a
Group Form 540NR, for more information.

• An S corporation must elect to be treated as an S corporation. The S corporation pays a reduced tax rate of 1.5% on its net income. The profits and losses from the S corporation pass through to each shareholder through the

Schedule K-1 (100S), Shareholder's Share of Income, Deductions, Credits, etc., and each shareholder is responsible for paying taxes on the distributive share. California taxpayers that would like to elect to be treated as an S corporation should get the
Form 100S, S Corporation Tax Booklet, for more information.

• Use form FTB 3725, Assets Transferred from Corporation to Insurance Company, to report assets transferred from a corporation to an insurance company. Get form

FTB 3725 for more information.

• Use form FTB 3726, Deferred Intercompany

Stock Account (
DISA) and Capital Gains
Information, to meet the annual disclosure requirements of the combined reporting group of each
DISA balance. Make sure to answer Question S on Form 100, Side 3.
Get form FTB 3726 for more information.

• In general, R&TC Sections 17024.5 and

23051.5 state that federal elections made before a taxpayer becomes a California taxpayer are binding for California tax purposes.
California law conforms to federal law for the following:

• Reducing the compensation deduction for certain employers from $1 million to

$500,000; and making certain parachute payments nondeductible.

• IRC Section 1245(b)(8) relating to amortizable IRC Section 197 intangibles property disposed on or after

January 1, 2010.

• Corporations may elect to expense, under

IRC Section 179, part or all of the cost of certain properties placed in service during the taxable year and used in the trade or business. For more information, see form
FTB 3885.

• Large banks' bad-debt losses deduction, which is limited to the actual losses rather than contributions to a reserve for bad debts.
• Disallowing the deduction for club membership fees and employee remuneration in excess of $1 million.
• Disallowing the deduction for lobbying expenses.
• For purposes of inventory accounting, an adjustment for shrinkage, based on an estimate, may be made. Taxpayers can voluntarily change their method of accounting if the method currently being

Page 6 Form 100 Booklet 2024 used does not utilize estimates of inventory shrinkage and the taxpayer now would like to use that method.

• Timeshare associations may qualify for tax-exempt status like other homeowners' associations.
• Required recognition of gain on certain appreciated financial positions in personal property.
• Securities traders and commodities traders and dealers are allowed to elect to use mark-to-market accounting similar to what is currently required for securities dealers. Commodities would include only commodities of a kind that are dealt with in the organized commodities exchange.

An election to use the mark-to-market method for federal purposes is considered an election for state purposes and a separate election is not allowed.

• Limitation on exception for investment companies under

IRC Section 351.

• Expansion of deduction for certain interest and premiums paid for company-owned life insurance.
• Repeal of special installment sales rule for manufacturers of tangible personal property.
• Payment of estimated tax for closely held real estate investment trusts (

REITs) and income and services provided by REIT subsidiaries.
California law does not conform to federal law for the following:

• In general, the American Rescue Plan Act

(
ARPA) of 2021.

• In general, the Consolidated Appropriations

Act (
CAA), 2021.

• The TCJA signed into law on

December 22, 2017, made changes to the
IRC. In general, California R&TC does not conform to the changes. California taxpayers continue to follow the
IRC as of the specified date of January 1, 2015, with modifications. The following is a nonexhaustive list of the
TCJA changes:

• The federal modifications to amortization of research and experimental expenditures (

IRC Section
174).

• The change in method of accounting treatment of S corporation conversions to C corporations.
• The application of Subchapter C rules to

S corporations.

• The expanded definition of IRC Section

179 property for certain depreciable tangible personal property related to furnishing lodging and for qualified real property for improvements to nonresidential real property.

• The change to IRC Section 163(j) which limits the business interest deduction.
• The repeal of the corporate AMT.
• The modifications to the NOL provisions.
• The modifications to the AMT credit.
• The deferral and exclusion of capital gains reinvested or invested in qualified opportunity zone funds.
• The exclusion of a patent, invention, model or design, and secret formula or process from the definition of capital asset.
• The federal modifications to depreciation limitations on luxury automobiles (

IRC
Section 280F).

• IRC Section 951A, relating to GILTI.
• IRC Section 382(n) relating to special rule for certain ownership changes.
• The changes to the corporation in control and the issue price for the limitation on deduction of bond premium on repurchase.
• The enhanced IRC Section 179 expensing election.
• The first-year depreciation deduction allowed for new luxury autos or certain passenger automobiles acquired and placed in service in 2010 through 2024.
• The IRS Notice 2008-83 relating to the treatment of deductions under IRC

Section 382(h) following an ownership change.

• IRC Section 168(k) relating to the bonus depreciation deduction for certain assets.
• The decreased estimated tax payments for certain small businesses.
• The treatment of the loss from the sale or exchange of certain preferred stock (of

Fannie Mae or Freddie Mac).

• Exclusion from gross income of certain federal subsidies for prescription drug plans under

IRC Section 139A.

• Certain environmental remediation expenditures that would otherwise be chargeable to capital accounts may be expensed and taken as a deduction in the year the expense was paid or incurred.
• Deduction for corporate donation of scientific property and computer technology.
• Decreased capital gains tax rate.
• The treatment of Subpart F income.
• The IRC passive activity loss rules for real estate activities.

The above lists are not intended to be all-inclusive of the federal and state conformities and differences. For more information, refer to the R&TC.
Records Maintenance Requirements
Any taxpayer subject to the apportionment and allocation provisions of the Corporation Tax
Law is required to keep and maintain records and make the following available upon request:

• Any records needed to determine the correct treatment of items reported on the combined report for purposes of determining the income attributable to

California.

• Any records needed to determine the treatment of items as nonbusiness or business income.
• Any records needed to determine the apportionment factors.

See R&TC Section 19141.6 and the related regulations, for more information. A corporation may be required to authorize an agent, through a Power of Attorney (
POA), to act on its behalf in response to requests for information or records pursuant to R&TC
Section 19504. For more information, go to ftb.ca.gov/poa.
The penalty for not maintaining the required records is $10,000 for each taxable year for which the failure applies. In addition, if the failure continues for more than 90 days after the FTB notifies the corporation of the failure, a penalty of $10,000 may be assessed for each additional 30-day period of continued failure.
See General Information M, Penalties, for more information.
Publicly Traded Partnerships
California publicly traded partnerships that are not eligible to make the special federal election under
IRC Section 7704(g)(2), and that do not qualify for the exception for partnerships with passive-type income under
IRC Section 7704(c), must file Form 100. A federal election under IRC Section 7704(g)(2) is considered an election for state purposes. A separate election is not allowed.
Financial Asset Securitization Investment
Trusts (FASITs)
The provisions of the IRC relating to FASITs apply for California with certain modifications.
The
FASIT is subject to the $800 minimum franchise tax. File a separate Form 100 to report the $800 minimum franchise tax.
Write "
FASIT" in black or blue ink in the top margin of the return. If a corporation holds an ownership interest in a
FASIT, it should report all the items of income, gains, deductions, losses, and credits on the corporation's return and attach a schedule showing the breakdown of items from the
FASIT.
Classification of Certain Business Trusts and Certain Foreign Single Member Limited
Liability Companies (SMLLCs)
In general, the classification of a business entity should be the same for California purposes as it is for federal purposes.
However, an exception may apply for certain eligible business entities. A business trust or a previously existing foreign SMLLC may make an irrevocable election to be classified the same as federal for California purposes.
To make the election, the business trust or the SMLLC must have been classified as a corporation under California law, but classified as a partnership (for a business trust) or elected to be treated as a disregarded entity (for a foreign SMLLC) for federal tax purposes for taxable years beginning before January 1, 1997. If this election is not made, the existing eligible business entity will continue to be classified and taxed as a

Form 100 Booklet 2024 Page 7 corporation for California purposes. Get form
FTB 3574, Special Election for Business Trusts and Certain Foreign Single Member LLCs, for more information.

# General Information

Form 100 is California's tax return for corporations, banks, financial corporations, real estate mortgage investment conduits
(
REMICs), regulated investment companies
(RICs), real estate investment trusts
(REITs), Massachusetts or business trusts, publicly traded partnerships (PTPs), exempt homeowners' associations (HOAs), political action committees (PACs), FASITs, and LLCs or partnerships taxed as corporations.
Corporations Filing on a Water's-Edge Basis
In general, water's-edge rules provide for an election out of worldwide combined reporting.
By electing water's-edge, a California taxpayer elects into a complex blend of state and federal tax concepts. See R&TC Sections 25110 and
25113.
If the corporation elects to file on a water's-edge basis, use Form 100W, California
Corporation Franchise or Income Tax Return -
Water's-Edge Filers. Form 100 is not the form prescribed by the FTB for corporations filing on a water's-edge basis. Get the Form 100W Tax
Booklet for more information.
REMICs that are partnerships must file
Form 565, Partnership Return of Income.
S corporations must file Form 100S, California
S Corporation Franchise or Income Tax Return.
An LLC classified as a partnership for federal purposes should generally file Form 568,
Limited Liability Company Return of Income.
A limited partnership (LP) or limited liability partnership (LLP) classified as a partnership for federal purposes should generally file
Form 565.
When Completing the Form 100:

• Use black or blue ink on the tax return sent to the FTB.
• Print name and address (in CAPITAL

LETTERS).

• When a domestic corporation files the first California tax return, the fiscal year beginning date must be the date the corporation is incorporated.
• Round cents to the nearest whole dollar.

For example, round $50.50 up to $51 or round $25.49 down to $25.

• Send a clean legible copy.
• Enter all types of payments (overpayment from prior year, estimated tax, nonresident tax, etc.) made for the 2024 taxable year on the applicable line.
• When making a payment with a check or money order, enclose, but do not staple the payment to the face of the tax return.
• Assemble the corporation return in the following order: Form 100, Schedule R (if required), supporting schedules, a copy of federal return (if required) and form

FTB 5806, Underpayment of Estimated Tax by Corporations, (if required). Do not use staples or other permanent bindings to assemble the tax return.
A Franchise or Income Tax
Corporation Franchise Tax
Entities subject to the corporation minimum franchise tax include all corporations
(e.g., LLCs electing to be taxed as corporations) that meet any of the following:

• Incorporated or organized in California.
• Qualified or registered to do business in

California.

• Doing business in California, whether or not incorporated, organized, qualified, or registered under California law.

The minimum franchise tax must be paid by corporations incorporated in California or qualified or registered under California law whether the corporation is active, inactive, not doing business, or operates at a loss. See
General Information C, Minimum Franchise
Tax, for more information.
The measured franchise tax is imposed on corporations doing business in California and is measured by the income of the current taxable year for the privilege of doing business in that taxable year.
A taxpayer is "doing business" if it actively engages in any transaction for the purpose of financial or pecuniary gain or profit in California or if any of the following conditions is satisfied:

• The taxpayer is organized or commercially domiciled in California.
• The sales, as defined in R&TC

Section 25120(e) or (f), of the taxpayer in
California, including sales by the taxpayer's agents and independent contractors, exceed the lesser of $735,019 or 25% of the taxpayer's total sales.

• The real property and tangible personal property of the taxpayer in California exceed the lesser of $73,502 or 25% of the taxpayer's total real property and tangible personal property.
• The amount paid in California by the taxpayer for compensation, as defined in R&TC Section 25120(c), exceeds the lesser of $73,502 or 25% of the total compensation paid by the taxpayer.

In determining the amount of the taxpayer's sales, property, and payroll for doing business purposes, include the taxpayer's pro rata share of amounts from partnerships and
S corporations.
For more information, see R&TC
Section 23101 or go to ftb.ca.gov and search for doing business.
A corporation qualified with the California
Secretary of State (
SOS) might not be considered to be "doing business" in California.
However, careful attention should be given to the term "doing business." It is not necessary that the corporation conduct business or engages in transactions within the state on a regular basis. Even an isolated transaction during the taxable year may be enough to cause the corporation to be "doing business."
Also, when a corporation is either a general partner of a partnership or a member of an
LLC that is "doing business" in California, the corporation is considered to be "doing business" in California.
Corporation Income Tax
The corporation income tax is imposed on all corporations that derive income from sources within California but are not doing business in
California.
For purposes of the corporation income tax, the term "corporation" is not limited to incorporated entities but also includes the following:

• Associations.
• Massachusetts or business trusts.
• REITs.
• LLCs electing to be taxed as corporations other than those subject to the corporate franchise tax.
• Other business entities, including partnerships, electing to be taxed as corporations.

Political organizations that are exempt under
R&TC Section 23701r and have political taxable income in excess of $100 must file
Form 100. Political organization taxable income is the amount by which gross income
(other than exempt function income) less deductions directly connected with production of such gross income exceeds $100. See the instructions for Schedule F, Computation of
Net Income, included in this booklet. Exempt function income includes amounts received as:

• Contributions of money or property.
• Membership fees, dues, or assessments.
• Proceeds from the sale of political campaign material that are not received in the ordinary course of any trade or business.

Get FTB Pub. 1075, Exempt Organizations -
Guide for Political Organizations, for more information.
Homeowners' associations that are exempt under R&TC Section 23701t, including unincorporated homeowners' associations, and have homeowners' association taxable income in excess of $100 must file Form 100.
Homeowners' association taxable income is the amount by which gross income (other than exempt function income) less deductions directly connected with the production of such gross income exceeds $100. See the instructions for Schedule F, included in this booklet.
Exempt function income means amounts received as membership fees, dues, and assessments. Nonexempt gross income of a homeowners' association is defined as all income other than amounts received from membership fees, dues, or assessments.

Page 8 Form 100 Booklet 2024
An exempt homeowners' association may also be required to file Form 199, or form
FTB 199N, California e-Postcard. Get
FTB Pub. 1028, Guidelines for Homeowners'
Associations, for more information.
B Tax Rates
The following tax rates apply to corporations subject to either the corporation franchise tax or the corporation income tax.

• Corporations other than banks and financial corporations 8.84%
• Banks and financial corporations .. 10.84%

C Minimum Franchise Tax
All corporations subject to the franchise tax, including banks, financial corporations,
RICs,
REITs, FASITs, corporate general partners of partnerships, and corporate members of LLCs doing business in California, must file Form 100 and pay at least the minimum franchise tax as required by law. The minimum franchise tax, as indicated below, must be paid whether the corporation is active, inactive, operates at a loss, or files a return for a short period of less than 12 months.

• Domestic qualified inactive gold or quicksilver mining corporations $25
• All other corporations subject to franchise tax (see General

Information A, Franchise or
Income Tax, for definitions) $800
A combined group filing a single return must pay at least the minimum franchise tax for each corporation in the group that is subject to franchise tax.
A corporation that incorporated or qualified through the California
SOS to do business in California, is not subject to the minimum franchise tax for its first taxable year and will compute its tax liability by multiplying its state net income by the appropriate tax rate. The corporation will become subject to minimum franchise tax beginning in its second taxable year. This does not apply to corporations that are not qualified by the California
SOS, or reorganize solely to avoid payment of their minimum franchise tax.
There is no minimum franchise tax for the following entities:

• Corporations that are not incorporated in

California, not qualified under the laws of
California, and are not doing business in
California even though they derive income from California sources.
However, if corporations meet the sale, property, or payroll threshold for "doing business" under
R&TC Section 23101(b), corporations may be subject to the minimum franchise tax.
For more information regarding "doing business," see General Information A,
Franchise or Income Tax; refer to R&TC
Section 23101(b); get FTB Pub. 1050,
Application and Interpretation of Public
Law 86-272; or FTB Pub. 1060, Guide for
Corporations Starting Business in California.

• Corporations that are not incorporated under the laws of California; whose sole activities in this state are engaging in convention and trade show activities for seven or fewer days during the taxable year; and that do not derive more than $10,000 of gross income reportable to California during the taxable year. These corporations are not "doing business" in California. For more information, get FTB Pub. 1060.
• Newly formed or qualified corporations filing an initial return.
• Qualified non-profit farm cooperative associations.
• Credit unions.
• Unincorporated homeowners' associations.
• Exempt homeowners' associations.
• Exempt political organizations.
• Exempt organizations.

Deployed Military Exemption
For taxable years beginning on or after
January 1, 2020, and before January 1, 2030, a corporation that is a small business solely owned by a deployed member of the United
States Armed Forces shall not be subject to the minimum franchise tax if the owner is deployed during the taxable year and the corporation operates at a loss or ceases operation. Corporations exempt from the minimum franchise tax should write "Deployed
Military" in black or blue ink in the top margin of the tax return.
For the purposes of this exemption:
(A) "Deployed" means being called to active duty or active service during a period when the United States is engaged in combat or homeland defense. "Deployed" does not include either of the following:

• Temporary duty for the sole purpose of training or processing.
• A permanent change of station.

(B) "Operates at a loss" means negative net income as defined in R&TC Section 24341.
(C) "Small business" means a corporation with two hundred fifty thousand dollars ($250,000) or less of total income from all sources derived from or attributable to California.
Taxable Year of 15 Days or Less
A corporation is not subject to the $800 minimum franchise tax if the corporation did no business in this state during the taxable year and the taxable year was 15 days or less. For more information, see R&TC
Section 23114(a) and get FTB Pub. 1060.
D Accounting Period/Method
The taxable year of a corporation must not be different from the taxable year used for federal purposes, unless initiated or approved by the
FTB (R&TC Section 24632).
A change in accounting method requires consent from the FTB. However, a corporation that obtains federal approval to change its accounting method, or that is permitted or required by federal law to change its accounting method without prior approval and does so, is deemed to have the FTB's approval if: (1) the corporation files a timely
Form 100 consistent with the change for the first taxable year the change becomes effective for federal purposes; and (2) the change is consistent with California law. A copy of federal Form 3115, Application for Change in
Accounting Method, and a copy of the federal consent to the change must be attached to
Form 100 for the first taxable year the change becomes effective. Get FTB Notice 2024-01 for more information. The FTB may modify a requested change if the change would distort income for California purposes.
California follows the provisions of Revenue
Procedure 2016-29 which updates the procedures for a change of accounting method involving previously unclaimed, but allowable depreciation or amortization deductions.
E When to File
File Form 100 on or before the 15th day of the 4th month after the close of the taxable year unless the return is for a short-period as required under R&TC Section 24634. Generally, the due date of a short-period return is the same as the due date of the federal short-period return. See R&TC Section 18601(c) for the due date of a short-period return. Farmers' cooperative associations must file Form 100 by the 15th day of the 9th month after the close of the taxable year. Get FTB Notice 2016-04 for more information.
When the due date falls on a weekend or holiday, the deadline to file and pay without penalty is extended to the next business day.
See General Information O,
Dissolution/Withdrawal, and P , Ceasing
Business, for information on final returns.
If a corporation converts during its taxable year to an LLC or LP under state law, then generally two short-period California returns must be filed (one short-period return for the corporation and another short-period return for the LLC or LP).
The corporate status and taxable year of the
LLC or LP will not terminate and only a single return Form 100 is required if:

• the LLC or LP files a federal election to be classified as an association taxable as a corporation effective as of the conversion date,
• the conversion otherwise qualifies as a reorganization under

IRC
Section 368(a)(1)(F), and

• the LLC or LP satisfies the statutory requirements to be a corporation.

F Extension of Time to File
If the corporation cannot file its California tax return by the 15th day of the 4th month after the close of the taxable year, it may file on or before the 15th day of the 11th month without filing a written request for an extension. Get
FTB Notice 2019-07 for more information.

Form 100 Booklet 2024 Page 9
There is no automatic extension period for business entities suspended on or after the original due date.
An automatic extension does not extend the time for payment of tax; the full amount of tax must be paid by the original due date of Form 100. If there is an unpaid tax liability, complete form FTB 3539, Payment for Automatic Extension for Corporations and Exempt Organizations, and send it with the payment by the original due date of the
Form 100.
When the due date falls on a weekend or holiday, the deadline to file and pay without penalty is extended to the next business day.
If the corporation must pay its tax liability electronically, all payments must be remitted by Electronic Fund Transfer (
EFT), EFW, Web
Pay, or credit card to avoid the penalty. Do not send form FTB 3539.
G Electronic Payments
Electronic Funds Transfer
Corporations remitting an estimated tax payment or extension payment in excess of
$20,000 or having a total tax liability in excess of $80,000 must remit all of their payments through
EFT. Once a corporation meets the threshold, all subsequent payments regardless of amount, tax type, or taxable year must be remitted electronically to avoid the 10% non-compliance penalty. The first payment that would trigger the mandatory
EFT requirement does not have to be made electronically.
Corporations required to remit payments electronically may use
EFW, Web Pay, or credit card and be considered in compliance with that requirement. The FTB notifies corporations that are subject to this requirement. Those that do not meet these requirements may participate on a voluntary basis. If the corporation pays electronically, complete the form FTB 3539 worksheet for its records. Do not mail the payment voucher. For more information, go to ftb.ca.gov and search for eft, or call
916.845.4025.
Electronic Funds Withdrawal
Corporations can make an estimated tax or extension payment using tax preparation software. Check with the software provider to determine if they support
EFW for estimated tax or extension payments.
Web Pay
Corporations can make payments online using Web Pay for Businesses. Corporations can make an immediate payment or schedule payments up to a year in advance. Go to ftb.ca.gov/pay.
Credit Card
Corporations can use Discover, MasterCard,
Visa or American Express Card to pay business taxes. Go to officialpayments.com.
ACI
Payments, Inc. (formerly Official Payments) charges a convenience fee for using this service. Do not file form FTB 3539.
H Where to File
Payments
If a tax is due and the corporation is not required to make the payment electronically
(by
EFT, EFW, Web Pay, or credit card),

• Mail Form 100 with payment to:

# FRANCHISE TAX BOARD

PO BOX 942857

# SACRAMENTO

CA 94257-0501

• e-filed returns: Mail form FTB 3586,

Payment Voucher for Corporations and
Exempt Organizations e-filed Returns, with payment to:

# FRANCHISE TAX BOARD

PO BOX 942857

# SACRAMENTO

CA 94257-0531
Using black or blue ink, make the check or money order payable to the "Franchise Tax
Board." Write the California corporation number and "2024 Form 100" on the check or money order.
Make all checks or money orders payable in
U.S. dollars and drawn against a U.S. financial institution.
Do not attach a copy of the return with the balance due payment if the corporation already filed/e-filed a return for the same taxable year.
Refunds

• Mail Form 100 requesting a refund to:

# FRANCHISE TAX BOARD

PO BOX 942857
SACRAMENTO CA 94257-0500
Return Without Payment or Paid
Electronically

• Mail Form 100 without a payment or paid by

EFT, EFW, Web Pay, or credit card to:

# FRANCHISE TAX BOARD

PO BOX 942857
SACRAMENTO CA 94257-0500
Private Delivery Services
California law conforms to federal law regarding the use of certain designated private delivery services to meet the "timely mailing as timely filing/paying" rule for tax returns and payments. See the instructions for federal Form 1120, U.S. Corporation Income
Tax Return, for a list of designated delivery services. If a private delivery service is used, address the return to:

# FRANCHISE TAX BOARD

SACRAMENTO CA 95827
Private delivery services cannot deliver items to PO boxes. If using one of these services to mail any item to the FTB, do not use an FTB
PO box.
I Net Income Computation
The computation of net income from trade or business activities generally follows the determination of taxable income as provided in the
IRC. However, there are differences that must be taken into account when completing
Form 100. There are two ways to complete
Form 100, the federal reconciliation method or the California computation method:

1. Federal Reconciliation Method a. Transfer the information from federal

Form 1120, Page 1 to Form 100,
Side 4, Schedule F, and attach a copy of the federal return with all supporting schedules. b. Enter the amount of federal ordinary income (loss) from trade or business activities before any
NOL and special deductions on Form 100, Side 1, line 1. c. Enter state adjustments on line 2 through line 16 to arrive at net income
(loss) after state adjustments, on
Form 100, Side 2, line 17.

1. Schedule F - California Computation

Method
If the corporation has no federal filing requirement or if the corporation maintains separate records for state purposes, complete Form 100, Side 4, Schedule F, to determine state ordinary income. If ordinary income is computed under California laws, generally no state adjustments are necessary. Transfer the amount from
Schedule F, line 30, to Form 100, Side 1, line 1. Complete Form 100, Side 1 and
Side 2, line 2 through line 16, only if applicable.
For more information, see Specific Line
Instructions.
Regardless of the net income computation method used, the corporation must attach any form, schedule, or supporting document referred to on the return, schedules, or forms filed with the FTB.
J Alternative Minimum Tax
(AMT)
Corporations that claim certain types of deductions, exclusions, and credits may be subject to California
AMT. To compute
California AMT, corporations must complete
California Schedule P (100), Alternative
Minimum Tax and Credit Limitations —
Corporations. Get Schedule P (100) for more information.
K Estimated Tax
Use Form 100-ES, Corporation Estimated
Tax, to figure and pay estimated tax for a corporation.
Corporations are required to pay the following percentages of the estimated tax liability during the taxable year:

• 30% for the first required installment
• 40% for the second required installment
• No estimated tax payment is required for the third installment
• 30% for the fourth required installment

For exceptions and prior year's information, get the instructions for Form 100-ES.

Page 10 Form 100 Booklet 2024
Estimated tax is generally due and payable in four installments as follows:

• The 1st payment is due by the 15th day of the 4th month of the taxable year (this payment may not be less than the minimum franchise tax, if applicable).
• The 2nd, 3rd, and 4th installments are due and payable by the 15th day of the 6th,

9th, and 12th months respectively, of the taxable year.
For purposes of determining the due date of any required installment, a partial month is treated as a full month.
If the corporation must pay its tax liability electronically, all estimate payments due must be remitted by
EFT, EFW, Web Pay, or credit card to avoid the EFT penalty. See General
Information G, Electronic Payments, for more information.
If no amount is due, or if the corporation pays electronically, do not mail Form 100-ES.
L New/Commencing
Corporations
A corporation is required to pay measured tax instead of minimum tax for the first taxable year if the corporation incorporated or registered through the California
SOS. For more information, see General Information C,
Minimum Franchise Tax, or get FTB Pub. 1060.
M Penalties
Failure to File a Timely Return
Any corporation that fails to file Form 100 on or before the extended due date is assessed a delinquent filing penalty. The delinquent filing penalty is computed at 5% of the tax due, after allowing for timely payments, for every month that the return is late, up to a maximum of 25%. If a corporation does not file its return by the extended due date, the automatic extension will not apply and the late filing penalty will be assessed from the original due date of the return. See R&TC Sections 19131 and 23772 for more information.
Failure to Pay Total Tax by the Due Date
Any corporation that fails to pay the total tax shown on Form 100 by the original due date is assessed a penalty. The penalty is 5% of the unpaid tax, plus 0.5% for each month, or part of the month (not to exceed 40 months), the tax remains unpaid. This penalty may not exceed 25% of the unpaid tax. See R&TC
Section 19132 for more information.
The FTB may waive the late payment penalty based on reasonable cause. Reasonable cause is presumed when 90% of the tax shown on the return, but not less than minimum franchise tax if applicable, is paid by the original due date of the return.
If a corporation is subject to both the penalty for failure to file a timely return and the penalty for failure to pay the total tax by the due date, a combination of the two penalties may be assessed, but the total penalty may not exceed
25% of the unpaid tax.
Underpayment of Estimated Tax
Any corporation that fails to pay, pays late, or underpays an installment of estimated tax is assessed a penalty. The penalty is a percentage of the underpayment of estimated tax for the period from the date the installment was due until the date it is paid, or until the 15th day of the 3rd month after the close of the taxable year, whichever is earlier. Get form FTB 5806 to determine both the amount of underpayment and the amount of penalty.
The underpayment of estimated tax penalty shall not apply to the extent the underpayment of an installment was created or increased by any provision of law that is chaptered during and operative for the taxable year of the underpayment.
See R&TC Sections 19142, 19144, 19145,
19147 through 19151, and 19161 for more information.
If the corporation uses Exception B or
Exception C on form FTB 5806 to compute or eliminate any of the required installments, form FTB 5806 must be attached to the back of
Form 100 (after all schedules and federal return) and the box on Form 100, Side 2, line 43b should be checked.
Large Corporate Understatement Penalty
(LCUP)
Corporations are subject to the LCUP for the understatement of tax if that understatement exceeds the greater of:

• $1 million, or
• 20% of the tax shown on an original or amended return filed on or before the original or extended due date of the return for the taxable year.

The amount of the penalty is equal to 20% of the understatement of tax. See R&TC Section 19138 for exceptions to the
LCUP. For more information, go to ftb.ca.gov and search for lcup.
EFT Penalty
If the corporation must pay its tax liability electronically, all payments must be remitted by
EFT, EFW, Web Pay, or credit card to avoid the penalty. The penalty is 10% of the amount not paid electronically. See R&TC
Section 19011 and General Information G,
Electronic Payments, for more information.
Information Reporting Penalties
Federal Forms 5471 and 8975 - U.S. corporations that have an ownership interest
(directly or indirectly) in a foreign corporation and were required to file federal Form(s) 5471,
Information Return of U.S. Persons With
Respect to Certain Foreign Corporations; or federal Form 8975, Country-by-Country
Report, and accompanying Schedule A (8975),
Tax Jurisdiction and Constituent Entity
Information with the federal return, must attach a copy(ies) to the California return.
The penalty for failure to include a copy of federal Form(s) 5471 or federal Form 8975 and accompanying Schedule A (8975), as required, is $1,000 per required form for each year the failure occurs. The penalty will not be assessed if the copy of the information required to be filed with the
IRS was not attached to the taxpayer's original return and the taxpayer provides a copy of the form(s) within 90 days of request from the FTB and the taxpayer agrees to attach a copy(ies) of federal Form 5471 or federal Form 8975 and accompanying Schedule A (8975) to all returns filed for subsequent years. See R&TC
Section 19141.2 for more information.
Note: Foreign insurance companies that file as domestic companies are exempt from the requirement of filing federal Form 8975 and accompanying Schedule A (8975).
For additional information, refer to the federal
Form 8975 instructions.
Federal Form 5472 - Certain domestic corporations that are 25% or more foreignowned and foreign corporations engaged in a
U.S. trade or business must attach a copy(ies) of the federal Form(s) 5472, Information
Return of a 25% Foreign-Owned U.S.
Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business, to Form 100.
The penalty for failing to include a copy of federal Form(s) 5472, as required, is $10,000 per required form for each year the failure occurs. See R&TC Section 19141.5 for more information.
If the corporation does not file its Form 100 by the due date or extended due date, whichever is later, copy(ies) of federal Form(s) 5472 must still be filed on time or the penalty will be imposed. Attach a cover letter to the copy(ies) indicating the taxpayer's name,
California corporation number, and taxable year. Mail to the same address used for returns without payments. See General Information H,
Where to File, for more information. When the corporation files Form 100, also attach copy(ies) of the federal Form(s) 5472.
Record Maintenance Penalty
The penalty for failure to maintain certain records is $10,000 for each taxable year for which the failure applies. In addition, if the failure continues for more than 90 days after the FTB notifies the corporation of the failure, in general, a penalty of $10,000 may be assessed for each additional 30-day period of continued failure. There is no maximum amount of penalty that may be assessed.
See Records Maintenance Requirements on page 6 for a discussion of the records required to be maintained. See R&TC Section 19141.6 and the related regulations for more information.
Accuracy and Fraud Related Penalties
California conforms to IRC Sections 6662 through 6665 that authorize the imposition of an accuracy-related penalty equal to 20% of the related underpayment, and the imposition of a fraud penalty equal to 75% of the related underpayment. See R&TC Section 19164 for more information.

Form 100 Booklet 2024 Page 11
California Secretary of State (SOS) Penalty
The California Corporations Code requires the FTB to assess a penalty for failure to file an annual Statement of Information with the
California
SOS. For more information, see
R&TC Section 19141, or contact:

# SECRETARY OF STATE STATEMENT OF INFORMATION UNIT

ATTENTION: PENALTIES
PO BOX 944230
SACRAMENTO CA 94244-2300
Telephone: 916.657.5448
Other Penalties
Other penalties may be imposed for a payment returned for insufficient funds, foreign corporations operating while forfeited or without qualifying to do business in
California, and domestic corporations operating while suspended in California. See R&TC
Sections 19134 and 19135 for more information.
N Interest
Interest is due and payable on any tax due if not paid by the original due date of Form 100.
Interest is also due on some penalties. The automatic extension of time to file Form 100 does not stop interest from accruing. California follows federal rules for the calculation of interest. Get
FTB Pub. 1138, Business Entity Refund/Billing
Information, for more information.
O Dissolution/Withdrawal
The corporation must check the applicable box on Form 100, Side 1, Question A, if dissolving, merging, or withdrawing. The date should be the date the corporation filed or will file with the California
SOS.
The franchise tax for the period in which the corporation formally dissolves or withdraws is measured by the income of the taxable year in which it ceased doing business in California, unless such income has already been taxed at the rate prescribed for the taxable year of dissolution or withdrawal.
A corporation that commenced doing business in California before January 1, 1972, is allowed a credit that may be refunded in the year of dissolution or withdrawal. The amount of the refundable credit is the difference between the minimum franchise tax for the corporation's first full 12 months of doing business and the total tax paid for the same period.
To claim this credit, add this amount to the value on Form 100, Side 2, line 34.
Make a notation to the right of line 34:
"Dissolving/Withdrawing."
The tax return for the final taxable period is due on or before the 15th day of the 4th full month after the month during which the corporation withdrew or stops doing business in California.
Corporations are subject to income tax or franchise tax for the final taxable period.
Corporations that file a final franchise tax return must pay at least the minimum franchise tax as specified in R&TC Section 23153.
The minimum franchise tax will not be assessed after the taxable year for which the final tax return is filed, if a corporation meets all of the following requirements:

• The corporation files a timely final franchise tax return for the preceding taxable year, including extension. The corporation must be in good standing to have an extension to file.
• The corporation did not do business in

California after the final taxable year.

• The corporation files the appropriate documents for dissolution or surrender with the California

SOS within 12 months of the timely filed final franchise tax return.
Get FTB Pub. 1038, Guide to Dissolve,
Surrender, or Cancel a California Business
Entity, for more information.
To get samples and forms for filing a dissolution, surrender, or merger agreement, go to sos.ca.gov and search for corporation dissolution, or address your request to:

# CALIFORNIA SECRETARY OF STATE BUSINESS ENTITIES FILING UNIT

PO BOX 944260

# SACRAMENTO,

CA 94244-2600
Telephone: 916.657.5448
P Ceasing Business
The tax for the final year in which a corporation does business in California is determined according to or measured by its net income for the taxable year during which the corporation ceased doing business.
In any event, the tax for any taxable year shall not be less than the minimum franchise tax, if applicable. For more information, see R&TC
Section 23151.1.
The unreported income on installment obligations, distribution of notes, and distribution of corporate assets (i.e. land, buildings) at a gain must be included in income in the year of cessation. There is no federal law counterpart regarding this issue.
For more information, see R&TC
Sections 24672 and 24451.
A domestic or qualified corporation will remain subject to the minimum franchise tax for each taxable year it is in existence until a certificate of dissolution (and certificate of winding up, if necessary), certificate of withdrawal, or certificate of surrender is filed with the
California
SOS. See General Information O,
Dissolution/Withdrawal, R&TC Sections 23331 through 23333, and R&TC Section 23335 for more information.
Q Suspension/Forfeiture
If a corporation does not file Form 100 and/or does not pay any tax, penalty, or interest due, its powers, rights, and privileges may be suspended (in the case of a domestic corporation) or forfeited (in the case of a foreign corporation).
Corporations that operate while suspended or forfeited may be subject to a $2,000 penalty per taxable year, which is in addition to any tax, penalties, and interest already accrued. Also, any contracts entered into during suspension or forfeiture are voidable at the request of any party to the contract other than the suspended or forfeited corporation.
Such contracts will remain voidable and unenforceable unless the corporation applies for relief from contract voidability and the FTB grants relief.
See R&TC Sections 19135, 19719, 23301,
23305.1, and 23305.2 for more information, or go to ftb.ca.gov and search for revivor.
R Apportionment of Income
Corporations with business income attributable to sources both within and outside of California are required to apportion such income. Use
Schedule R to calculate the apportionment percentage. Be sure to answer Question N on
Form 100, Side 3.
For more information, see R&TC
Sections 25120 through 25136.
R&TC Section 25128.7 requires all business income of an apportioning trade or business, other than an apportioning business under
R&TC Section 25128(b), to apportion its business income using the single-sales factor formula.
R&TC Section 25136 requires all taxpayers to assign sales, other than sales of tangible personal property, using market assignment. For more information, see R&TC
Section 25136 and Cal. Code Regs., tit. 18 section 25136-2, Legal Ruling 2022-01, get
Schedule R, or go to ftb.ca.gov and search for market assignment.
S Combined Report
When filing a combined report, answer the applicable questions on Form 100, Side 1,
Question B.
If two or more corporations are engaged in a unitary business and derive income from sources within and outside of California, the members of the unitary group that are subject to California's franchise or income tax are required to apportion the combined income of the entire unitary group in order to compute the measure of tax.
If the income of a unitary group is derived wholly from California sources, its members may either file returns on a separate accounting basis or file on a combined report basis. See
R&TC Section 25101.15 for more information.
Members of a unitary group may elect to file a single group return by filing Schedule R-7,
Election to File a Unitary Taxpayers' Group
Return. For more information, get Schedule R and go to Side 6 for Schedule R-7.
Attach the Schedule R behind the California tax return and prior to the supporting schedules.
A combined unitary group's single return must present the group's data by separate corporation, as well as totals for the combined group.

Page 12 Form 100 Booklet 2024
The total combined tax, which must include at least the applicable minimum franchise tax for each corporation subject to the franchise tax, must be shown on Form 100, Side 2, line 23.
For more information, get FTB Pub. 1061,
Guidelines for Corporations Filing a Combined
Report.
T Signatures
Phone Number and Email Address
Include an officer's phone number and email address in case the FTB needs to contact the corporation for information needed to process this return. By providing this information the
FTB will be able to process the return or issue the refund faster.
Preparer Tax Identification Number (PTIN)
Tax preparers must provide their PTIN on the tax returns they prepare. Preparers who want a
PTIN should go to the IRS website at irs.gov and search for ptin.
Paid Preparer Authorization
If the corporation wants to allow the FTB to discuss its 2024 tax return with the paid preparer who signed it, check the "Yes" box in the signature area of the return. This authorization applies only to the individual whose signature appears in the "Paid
Preparer's Use Only" section of the return. It does not apply to the firm, if any, shown in that section.
If the "Yes" box is checked, the corporation is authorizing the FTB to call the paid preparer to answer any questions that may arise during the processing of the tax return. The corporation is also authorizing the paid preparer to:

• Give the FTB any information that is missing from the tax return.
• Call the FTB for information about the processing of the tax return or the status of any related refund or payments.
• Respond to certain FTB notices about math errors, offsets, and tax return preparation.

The corporation is not authorizing the paid preparer to receive any refund check, bind the corporation to anything (including any additional tax liability), or otherwise represent the corporation before the FTB.
The authorization will automatically end no later than the due date (without regard to extensions) for filing the corporation's
2025 tax return. If the corporation wants to expand the paid preparer's authorization, go to ftb.ca.gov/poa. If the corporation wants to revoke the authorization before it ends, notify the FTB in writing or call 800.852.5711.
U Amended Return
To correct or change a previously filed
Form 100, file the most current Form 100X.
Using the incorrect form may delay processing of the amended return. File Form 100X within six months after the corporation filed an amended federal return or after the final federal determination, if the
IRS examined and changed the corporation's federal return.
V Information Returns
Like-Kind Exchanges
California requires taxpayers who exchange property located in California for like-kind property located outside of California under
IRC Section 1031, to file an annual information return with the FTB. For more information, get form FTB 3840, California Like-Kind
Exchanges, or go to ftb.ca.gov and search for like kind.
Payments
Every corporation engaged in a trade or business and making or receiving certain payments in the course of the trade or business is required to file information returns to report the amount of such payments.
Payments that must be reported include, but are not limited to the following:

• Annual payments of $600 or more for compensation for services not subject to withholding, commissions, fees, prizes and awards, payments to independent contractors, rents, royalties, legal services whether or not the payee is incorporated, interest (such as interest charged for late payment), and pensions.
• Annual payments of $10 or more for interest earned and dividends.
• All payment amounts made by a broker or barter exchange.
• All payment amounts for gross proceeds paid to an attorney whether or not the services are performed for the payer.
• Cash payments over $10,000 received in a trade or business.

See instructions for federal Forms 1099
(series), 1098, 5498, and W-2G; federal
Pub. 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G; and federal Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, for the applicable due dates.
Report payments to the FTB and the IRS using the appropriate federal form. Reports must be made for the calendar year.
Interest on Municipal Bonds
California requires corporations to report to the FTB interest paid on municipal bonds held by California taxpayers and issued by a state other than California, or a municipality other than a California municipality. Entities paying interest to California residents on these types of bonds are required to report interest payments aggregating $10 or more and paid after
January 1, 2024. These information returns will be due June 1, 2025. Get form FTB 4800
MEO,
Federally Tax Exempt Non-California Bond
Interest and Interest-Dividend Payment
Information Media Transmittal, for more information.
IRC Sections 6038 through 6038D
California conforms to the information reporting requirements imposed under
IRC Sections 6038 through 6038D. If the corporation files any of the following federal information returns, a copy of the federal return must be filed with California as well:

• Federal Form 5471
• Federal Form 5472
• Federal Form 926, Return by a U.S.

Transferor of Property to a Foreign
Corporation

• Federal Form 8938, Statement of Specified

Foreign Financial Assets

• Federal Form 8975*

*Foreign insurance companies that file as domestic companies are exempt from the requirement of filing federal Form 8975 and accompanying Schedule A (8975).

• Schedule A (8975)*

For additional information, refer to federal
Form 8975 instructions.
Attach a copy of each federal information return to the California tax return.
If these federal information returns are not provided, penalties may be imposed under
R&TC Sections 19141.2 and 19141.5. See
General Information M, Penalties, for more information.
W Net Operating Loss (NOL)
For taxable years beginning on or after
January 1, 2024, and before January 1, 2027,
California has suspended the
NOL carryover deduction. Corporations may continue to compute and carryover an
NOL during the suspension period. However, corporations with taxable income of less than $1,000,000 or with disaster loss carryovers are not affected by the
NOL suspension rules.
The carryover period for suspended losses is extended by:

• Three years for losses incurred in taxable years beginning before January 1, 2024.
• Two years for losses incurred in taxable years beginning on or after January 1,

2024, and before January 1, 2025.

• One year for losses incurred in taxable years beginning on or after January 1,

2025, and before January 1, 2026.
For more information, see R&TC Section
24416.24.
R&TC Sections 24416 through 24416.7,
R&TC Sections 24416.21 through 24416.24, and R&TC Section 25108 provide for
NOL deductions incurred in the conduct of a trade or business.
R&TC Sections 24347.5 and 24347.11 through
24347.13 provide the treatment for disaster losses incurred in an area declared by the
President of the United States or the Governor of California as a disaster area.

Form 100 Booklet 2024 Page 13
For taxable years beginning on or after
January 1, 2014, and before January 1, 2029, taxpayers may deduct a disaster loss sustained in any city, county, or city and county in
California that is proclaimed by the Governor to be in a state of emergency. For these Governor declared disasters, subsequent state legislation is not required to activate the disaster loss provisions. See R&TC Section 24347.14 for more information.
Losses taken into account under the disaster provisions may not be included in computing regular
NOL deductions.
For more information, get form FTB 3805Q, or get form FTB 3805Z, Enterprise Zone Deduction and Credit Summary; form FTB 3807, Local
Agency Military Base Recovery Area Deduction and Credit Summary; or form FTB 3809,
Targeted Tax Area Deduction and Credit
Summary.
X Limited Liability Companies
(LLCs)
California law authorizes the formation of LLCs and recognizes out-of-state LLCs registered or doing business in California. The taxation of an LLC in California depends upon its classification as a corporation, partnership, or
"disregarded entity" for federal tax purposes.
If an LLC elects to be taxed as a corporation for federal tax purposes, the LLC must file
Form 100, Form 100-ES, form FTB 3539, and/or form FTB 3586 and enter the
California corporation number, FEIN, and
California SOS file number, if applicable, in the space provided. The FTB will (1) assign an identification number to an LLC that files as a corporation, and (2) notify the LLC with the identification number upon receipt of the first estimated tax payment, first tax payment, or the first tax return. The LLC will be subject to the applicable provisions of the
Corporation Tax Law and should be considered a corporation for purpose of all instructions unless otherwise indicated.
If an LLC elects to be taxed as a partnership for federal tax purposes, it must file Form 568.
LLCs taxed as partnerships determine their income, deductions, and credits under the
Personal Income Tax Law and are subject to an annual tax as well as an annual fee based on total income.
If an SMLLC is disregarded for federal tax purposes, get Form 568, Limited Liability
Company Tax Booklet, for information regarding SMLLC filing requirements.
A disregarded LLC reports its income, deductions, and credits on the return of its owner. However, an LLC that is disregarded is required to file Form 568 and pay the annual
LLC tax as well as the LLC fee (if applicable) based on total income. Form 568, Side 1, provides the FTB with information on the sole owner of the LLC, contains the owner's consent to be taxed on the income of the LLC, and provides for the computation of the LLC tax and fee.
Y California Use Tax
Use tax has been in effect in California since
July 1, 1935. It applies to purchases of property from out-of-state sellers and is similar to sales tax paid on purchases made in California. If the corporation has not already paid all use tax due to the California Department of Tax and Fee
Administration (
CDTFA), it may be able to report and pay the use tax due on its state income tax return. However, corporations required to hold a
California seller's permit or to otherwise register with the California Department of Tax and Fee
Administration for sales and use tax purposes may not report use tax on their state income tax return. See the information below and the instructions for line 36 of the income tax return.
In general, corporations must pay California use tax on purchases of merchandise for use in California, made from out-of-state sellers, for example, by telephone, online, by mail, or in person.
Corporations must pay California use tax on taxable items if:

• The seller does not collect California sales or use tax; and
• The corporation uses, gifts, stores, or consumes the item in California.

Example: The corporation purchases a conference table from a company in North
Carolina. The company ships the table from
North Carolina to the corporation's address in
California for the corporation's use, and does not charge California sales or use tax. The corporation owes use tax on the purchase.
However, not all purchases require the corporation to pay use tax. For example, the corporation would include purchases of office equipment, but not exempt purchases of food products or prescription medicine.
For more information on nontaxable and exempt purchases, the corporation may refer to Publication 61, Sales and Use Taxes: Tax
Expenditures, on the California Department of Tax and Fee Administration's website at cdtfa.ca.gov.
For more information about California use tax, please refer to the California Department of Tax and Fee Administration's website at cdtfa.ca.gov and type "Find Information About
Use Tax" in the search bar.
Complete the Use Tax Worksheet on page 18 to calculate the amount due.
Extensions to File. If the corporation requests an extension to file the tax return, wait until the corporation files the return to report the purchases subject to use tax and to make the use tax payment.
Interest, Penalties, and Fees. Failure to timely report and pay use tax due may result in the assessment of interest, penalties, and fees.
Application of Payments. For purchases made during taxable years starting on or after January 1, 2015, payments and credits reported on an income tax return will be applied first to the use tax liability, instead of income tax liabilities, penalties, and interest.
Changes in Use Tax Reported. Do not file an
Amended Corporation Franchise or Income
Tax Return (Form 100X) to revise the use tax previously reported. If the corporation has changes to the amount of use tax previously reported on the original tax return, contact the California Department of Tax and Fee
Administration.
For assistance, go to the California Department of Tax and Fee Administration's website at cdtfa.ca.gov or call their Customer Service
Center at 1.800.400.7115 (TTY: 711) (for hearing and speech disabilities). For California income tax information, contact the FTB at ftb.ca.gov.
Z Withholding
With certain limited exceptions, payers that are required to withhold and remit backup withholding to the
IRS are also required to withhold and remit to the FTB on income sourced to California. If the corporation (payee) has backup withholding, the corporation
(payee) must contact the FTB to provide a valid taxpayer identification number, before filing the tax return. Failure to provide a valid taxpayer identification number, may result in a denial of the backup withholding credit. For more information, go to ftb.ca.gov and search for backup withholding.
R&TC Section 18662 requires buyers to withhold income taxes when purchasing
California real property from corporate sellers with no permanent place of business in
California immediately after the transfer. For more information, get FTB Pub. 1016, Real
Estate Withholding Guidelines.
Sellers of California real estate must attach a copy of Form 593, Real Estate Withholding
Statement, to their tax return as proof of withholding.
If the corporation needs to verify withholding payments, the corporation may call
Withholding Services and Compliance at
916.845.4900 or 888.792.4900.
For transactions that require withholding, a seller of California real estate may elect an alternative to withholding 3
1/3% of the total sales price. The seller may elect an alternative withholding amount based on the maximum tax rate for individuals, corporations, or banks and financial corporations, as applied to the gain on the sale. The seller is required to certify under penalty of perjury the alternative withholding amount to the FTB. For more information, get FTB Pub. 1016.

# Specific Line Instructions

C corporations filing on a water's-edge basis are required to use Form 100W to file their
California tax return. Get Form 100W for more information.

Page 14 Form 100 Booklet 2024
Filing Form 100 without errors will expedite processing. Before mailing Form 100, make sure entries have been made for the following:

• California corporation number (assigned by the California

SOS).

• Federal employer identification number

(
FEIN).

• California Secretary of State file number, if applicable.
• Corporation name (use the legal name filed with the California

SOS) and address
(include PMB no., if applicable).

• Use the additional information field for "Owner/Representative/Attention" name, and other supplemental address information only.
• If the corporation has a foreign address, follow the country's practice for entering the city, county, province, state, country, and postal code, as applicable, in the appropriate boxes. Do not abbreviate the country name.

If an LLC elects to be taxed as a corporation for federal tax purposes, see General
Information X, Limited Liability Companies
(LLCs), for more information.
File the 2024 Form 100 for calendar year 2024 and fiscal year that begins in 2024. Enter taxable year beginning and ending dates only if the return is for a short year or a fiscal year. If a domestic corporation files the first California tax return, the fiscal year beginning date must be the date the corporation is incorporated.
If the corporation reports its income using a calendar year, leave the date area blank. If the return is being filed for a short period (less than 12 months), write "short year" in black or blue ink in the top margin. Convert all foreign monetary amounts to U.S. dollars.
The 2024 Form 100 may also be used if both of the following apply:

• The corporation has a taxable year of less than 12 months that begins and ends in

2025.

• The 2025 Form 100 is not available at the time the corporation is required to file its return. The corporation must show its 2025 taxable year on the 2024 Form 100 and incorporate any tax law changes that are effective for taxable years beginning after

December 31, 2024.
Questions A through DD
Answer all applicable questions and attach additional sheets, if necessary. Be sure to answer Questions D through DD on
Form 100, Side 2 and Side 3. Use the following instructions when answering:
Question B - Combined report information
If the answer to Question B1 is:

• "Yes," make sure to complete all the questions listed
• "No," skip Questions B2 and B3 and go to

Question B4
Question B4 - FTB 3544
Check the "Yes" box if form FTB 3544 is attached to Form 100.
Question C - Transfer or acquisition of voting stock
All corporations must answer all three questions. The questions provide information regarding changes in control or ownership of legal entities owning or under certain circumstances leasing California real property
(R&TC Section 64). (Real property includes land, buildings, structures, fixtures - see R&TC
Section 104 for more information.)
If any of the answers are "Yes", a Statement of Change in Control and Ownership of Legal
Entities, must be filed with the State of California; failure to do so within 90 days of the event date will result in penalties. The form for this statement is form
BOE-100-B, filed with the
California State Board of Equalization (BOE). Get this form and information from the BOE website
(boe.ca.gov) by searching for Legal Entity
Ownership Program (
LEOP).
There may be a change in ownership or control if, during this taxable year, one of the following occurred with respect to this corporation or any of its subsidiaries:

• The percentage of outstanding voting shares transferred to, or owned or controlled by, one person or one legal entity cumulatively exceeded 50%.
• The total outstanding voting shares transferred to or held by one irrevocable trust or trust beneficiary cumulatively exceeded 50%.
• One or more irrevocable proxies cumulatively transferred voting rights to more than 50% of the outstanding voting shares to one person or one entity.
• This corporation, or any of its subsidiaries, cumulatively acquired ownership or control of more than 50% of the outstanding voting shares or other ownership interests in any legal entity; or
• As of the end of this taxable year, cumulatively more than 50% of the total outstanding voting shares have been transferred in one or more transactions since an interest in California real property was transferred to the corporation that was excluded from property tax reassessment under R&TC Section 62(a)(2) which established an original co-owners' interest status.

For purposes of these questions, leased real property is a leasehold interest in taxable real property: (1) leased for a term of 35 years or more (including renewal options), if not leased from a government agency; or (2) leased for any term, if leased from a government agency.
R&TC Section 64(e) requires this information for use in determining whether a change in ownership has occurred under Section 64(c) and (d); it is used by the
LEOP.
Question F - Principal business activity (PBA) code
All corporations must answer Question F.
Include the six digit PBA code from the
Principal Business Activity Codes chart included in this booklet. The code should be the number for the specific industry group from which the greatest percentage of
California "total receipts" is derived. "Total receipts" means gross receipts plus all other income. The California
PBA code may be different from the federal PBA code.
If, as its principal business activity, the corporation: (1) Purchases raw material.
(2) Subcontracts out for labor to make a finished product from the raw materials.
(3) Retains title to the goods, the corporation is considered to be a manufacturer and must enter one of the codes under "Manufacturing."
Also, write in the business activity and the principal product or service on the lines provided.
Question K - Doing business as (DBA)
Corporations doing business under a name other than that entered on Side 1 of Form 100 must enter the
DBA name in Question K. If the corporation is doing business under multiple
DBAs attach a schedule listing all DBAs.
Leave Question K blank if the corporation is not using a
DBA to conduct business.
Question M - Reportable transaction or listed transaction
Federal Form 8886 is required to be attached to any return on which a deduction, loss, credit, or any other tax benefit is claimed or is reported, or any income the corporation reported from an interest in a reportable transaction. If the corporation is required to file this form with the federal return, attach a copy to the corporation's Form 100.
A material advisor is required to provide a reportable transaction number to all taxpayers and material advisors for whom the material advisor acts as a material advisor.
A Reportable Transaction is any transaction as defined in R&TC Section 18407 and Treas.
Reg. Section 1.6011-4 and includes, but is not limited to the following:

• A Listed Transaction, or a transaction that is substantially similar to a listed transaction, which has been identified by the

IRS or the
FTB to be a tax avoidance transaction.

• A Confidential Transaction, which is offered to a taxpayer under conditions of confidentiality and for which the taxpayer has paid a minimum fee.
• A transaction with contractual protections which provides the taxpayer with the right to a full or partial refund of fees if all or part of the intended tax consequences from the transaction are not sustained.
• A loss transaction under IRC Section 165 which is at least $10 million in any one-year or $20 million in any combination of taxable years.

Form 100 Booklet 2024 Page 15

• A transaction of interest is a transaction that is the same as or substantially similar to one of the types of transactions that the

IRS has identified by notice, regulation, or other form of published guidance as a transaction of interest (entered into after
November 1, 2006).

• A transaction with a significant booktax difference (entered into prior to

August 3, 2007). Beginning January 6,
2006, this transaction was no longer required to be disclosed on Form 8886. See
IRS Notice 2006-6.

• A transaction where the taxpayer is claiming a tax credit of greater than $250,000 and held the asset for less than 45 days

(entered into prior to August 3, 2007).
Question T - Regulated investment company
(RIC)
R&TC Section 24870 indicates that
Subchapter M of Chapter 1 of Subtitle A of the
IRC, relating to RICs and REITs, shall apply, except as otherwise provided in this part.
Also, refer to R&TC Section 24871 for more information.
Question U - Real estate mortgage investment conduit (REMIC)
If a corporation is a REMIC for federal purposes, it will generally be a REMIC for
California purposes. A REMIC is subject to the minimum franchise tax but is not subject to the income or franchise tax. The income of a
REMIC is taxable to the holders of the REMIC interests. In order to qualify, substantially all of the assets of the entity must consist of "qualified mortgages" and
"permitted investments." See the instructions for federal Form 1066, U.S. Real Estate
Mortgage Investment Conduit (
REMIC) Income
Tax Return, to determine if the corporation qualifies. California law is the same as federal law, except California does not impose a tax on prohibited transactions, as defined in
IRC
Section 860F. The income or gain from such prohibited transactions remains includible in the California tax base. If the corporation is a
REMIC for federal purposes, answer "Yes" to
Question U, complete Form 100 and attach a copy of federal Form 1066.
Question V1 - Real estate investment trust
(REIT)
California tax law has partially conformed to the
REIT provisions of the Ticket to Work and
Work Incentives Improvement Act of 1999
(Public Law 106-170) except for the provisions relating to income from redetermined rents, redetermined deductions, and excess interest. Additionally, a federal election to treat property as foreclosure property under
IRC Section 856(e)(5) is considered to be an election for California as well. No separate elections are allowed.
Question V2 - REIT subsidiaries
If the entity owns any qualified REIT subsidiaries that are incorporated or qualified with the California
SOS, provide a statement with the name, California corporation number, and
FEIN for each entity.
Question W - Limited liability company (LLC) or limited partnership (LP)
Answer "Yes" only if the business entity for which the Form 100 is being filed is organized as an LLC or LP but is classified as a corporation for federal tax purposes. An LLC classified as a partnership for federal purposes should generally file Form 568. An LP should file Form 565.
Question AA - Corporations that own 80% of an insurance company
One of the provisions of R&TC Section 24410 includes a reporting requirement to the
Legislature. To meet this requirement, the FTB may contact any corporation who answers,
"Yes" for additional information.
Question DD - Do Not Round Cents to Dollars
On line DD 3, do not round cents to the nearest whole dollar. Enter the amounts with dollars and cents as actually remitted.
Line 1 through Line 43
Note: Do not include IRC Section 951A amounts.
Line 1 - Net income (loss) before state adjustments
Corporations using the federal reconciliation method to figure net income (see General
Information I, Net Income Computation) must:

• Transfer the amount from federal Form 1120, line 28, to Form 100, Side 1, line 1; and attach a copy of the federal return and all pertinent supporting schedules; or copy the information from federal Form 1120, Page 1, onto Form 100, Side 4, Schedule F and transfer the amount from Schedule F, line 30, to Form 100, Side 1, line 1.
• Then, complete Form 100, Side 1 and Side 2, line 2 through line 16, State Adjustments.

Corporations using the California computation method to figure net income (see General
Information I) must transfer the amount from
Form 100, Side 4, Schedule F, line 30, to Side 1, line 1. Complete Form 100, Side 1 and Side 2, line 2 through line 16, only if applicable.
Line 2 through Line 16 - State adjustments
To figure net income for California purposes, corporations using the federal reconciliation method must enter California adjustments to the federal net income on line 2 through line 16. If a specific line for the adjustment is not on Form 100, corporations must enter the adjustment on line 8, Other additions, or line 15, Other deductions, and attach a schedule that explains the adjustment.
Line 2 and Line 3 - Taxes not deductible
California does not permit a deduction of
California corporation franchise or income taxes or any other taxes on, according to, or measured by net income or profits. Such taxes that are shown on Form 100, Schedule A, must be added to income by entering the amount on Side 1, line 2 or line 3. See Schedule A, column (d) for the amount to be added to income.
The LLC fee is not a tax, R&TC Section 17942; therefore, it is deductible. Do not include any part of an LLC fee on line 2 or line 3.
Line 4 - Interest on government obligations
Corporations subject to California franchise tax must report all interest received on government obligations (such as federal, state, or municipal bonds). On line 4, enter all interest on government obligations that is not included in federal ordinary income (loss).
Corporations subject to California corporation income tax, see instructions for line 15.
Line 5 - Net California capital gain
Complete Schedule D on Side 6 of Form 100 and enter the California net capital gain from
Schedule D, line 11 on Form 100, line 5.
Get FTB Pub. 1061 for instructions on determining the net capital gain when a combined report is filed.
Line 6 and Line 12 - Depreciation and amortization
California law is substantially different from federal law for corporations.
Complete form FTB 3885 to determine the amounts to enter on line 6 or line 12.
Line 7 - Net income not included in federal consolidated return
Use this line to report the net income from corporations included in the combined report but not included in the federal consolidated return.
Line 8 - Other additions
Any miscellaneous items that must be added to arrive at net income after state adjustments
(line 17) should be shown on this line. Attach a schedule to itemize amounts.
If any federal contribution deduction was taken in arriving at the amount entered on Form 100,
Side 1, line 1, include that amount on line 8.
Shuttered Venue Operator Grant. Under federal law, the
CAA, 2021 allows deductions for eligible expenses paid for with grant amounts. California law conforms to this federal provision with modifications. For
California purposes, if you are an ineligible entity and deducted eligible expenses for federal purposes, include this amount on line 8.
Paycheck Protection Program Loans
Forgiveness. Under federal law, the
CAA,
2021 allows deductions for eligible expenses paid for with covered loan amounts. California law conforms to this federal provision with modifications. For California purposes, if you are an ineligible entity and deducted eligible expenses for federal purposes, include this amount on line 8.
Also, the ARPA expands PPP eligibility to include "additional covered nonprofit entities" which includes certain Code 501(c) nonprofit organizations and Internet-only news publishers and Internet-only periodical publishers. California law does not conform to this expansion of PPP eligibility. If you met the PPP eligibility requirements and excluded the amount from gross income for federal purposes, include this amount on line 8.

Page 16 Form 100 Booklet 2024
Other Loan Forgiveness. Under federal law, the CAA, 2021 allows deductions for eligible expenses paid for with covered loan amounts.
California law conforms to this federal provision, with modifications. For California purposes, if you are an ineligible entity and deducted eligible expenses for federal purposes, enter the total amount of those expenses deducted on line 8.
Penalty Assessed by Professional Sports
League. California does not allow a business expense deduction for any fine or penalty paid or incurred by an owner of a professional sports franchise assessed or imposed by the professional sports league that includes that franchise. If the corporation deducted the fine or penalty for federal purposes, include the amount on line 8.
California Ordinary Net Gain or Loss. Enter any California ordinary net gain or loss from
Schedule D-1, Sales of Business Property.
Attach Schedule D-1.
Line 10 and Line 11 - Dividends
Complete Schedule H (100), Dividend Income
Deduction. Enter the total amount from
Schedule H (100), Part
I, line 4, column (d) on Form 100, Side 2, line 10. Enter the total amount from Part
II, line 4, column (g) on
Form 100, Side 2, line 11.
Line 13 - Capital gain from federal
Enter the federal capital gain net income from federal Form 1120, line 8. The California net capital gain should have been added to income on line 5.
Line 14 - Charitable contributions
The charitable contribution deduction for a
California corporation is limited to the adjusted basis of the assets being contributed.
The deduction is limited to 10% of California net income without regard to charitable contribution. Carryover provisions per
IRC
Section 170(d)(2) apply for excess charitable contributions made during the taxable year.
For taxable years beginning on or after
January 1, 2017, and before January 1, 2028, do not include any amounts taken into account for the College Access Tax Credit as a contribution deduction on line 14.
On a separate worksheet, using the Form 100 format, complete Form 100, Side 1 and
Side 2, line 1 through line 17 without regard to line 14, Contributions. If any federal charitable contribution deduction was taken in arriving at the amount entered on Side 1, line 1, enter that amount as a positive number on line 8 of the Form 100 formatted worksheet. Enter the adjusted basis of the assets contributed on line 5 of the following worksheet. Then complete the worksheet that follows to determine the charitable contributions to enter on line 14.

1. Net income after state adjustments from Side 2, line 17 __
2. Deduction for dividends received __
3. Net income for contribution calculation purposes. Add line 1 and line 2 __
4. Charitable Contributions. Multiply line 3 by 10% (.10) __
5. Enter the amount actually contributed __
6. Enter the smaller of line 4 or line 5 here and on Side 2, line 14 __

Get Schedule R to figure the charitable contribution computation for apportioning corporations.
Line 15 - Other deductions
Include on this line deductions not claimed on any other line. Attach a schedule that clearly shows how each deduction was computed and explain the basis for the deduction.
For corporations subject to income tax (instead of the franchise tax), interest received on obligations of the federal government and on obligations of the State of California and its political subdivisions is exempt from income tax. If such interest is reported on line 4, it must be deducted on line 15.
Wildfire Mitigation Payment. California law allows a qualified taxpayer an exclusion from gross income for any amount received as a
California qualified wildfire loss mitigation payment through the California Wildfire
Mitigation Financial Assistance Program. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Kincade Wildfire Exclusion. California law allows a qualified taxpayer an exclusion from gross income for any qualified amount received in a settlement from PG&E Company or its subsidiary relating to the 2019 Kincade
Fire. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Zogg Wildfire Exclusion. California law allows a qualified taxpayer an exclusion from gross income for any qualified amount received in a settlement from PG&E Company or its subsidiary relating to the 2020 Zogg Fire. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Thomas and Woolsey Wildfires Exclusion.
California law allows a qualified taxpayer an exclusion from gross income for any amount received in settlement from Southern California
Edison for claims relating to the 2017 Thomas
Fire or the 2018 Woolsey Fire. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Fire Victims Trust Exclusion. California law allows a qualified taxpayer an exclusion from gross income for any amount received from the Fire Victims Trust. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Turf Replacement Water Conservation
Program. California law allows an exclusion from gross income for any amount received as a rebate, voucher, or other financial incentive issued by a public water system, local government, or state agency for participation in a turf replacement water conservation program. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Small Business and Nonprofit COVID-19
Supplemental Paid Sick Leave Relief Grant.
California law allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the California
Small Business and Nonprofit COVID-19
Supplemental Paid Sick Leave Relief Grant
Program that is established by Section
12100.975 of the Government Code. If the corporation included any amount qualifying for this exclusion as income for federal purposes, deduct the amount on line 15.
California Microbusiness COVID-19 Relief
Grant. California law allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the California
Microbusiness COVID-19 Relief Program that is administered by the Office of Small Business
Advocate (
CalOSBA). Federal law has no similar exclusion. Enter on line 15 the amount of this type of income.
California Venues Grant. California law allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the California Venues Grant Program that is administered by
CalOSBA. Federal law has no similar exclusion. Enter on line 15 the amount of this type of income.
Small Business COVID-19 Relief Grant
Program. California allows an exclusion from gross income for grant allocations received by a taxpayer pursuant to the COVID-19 Relief
Grant under Executive Order No. E 20/21-182 and the California Small Business COVID-19
Relief Grant Program established by Section
12100.83 of the Government Code. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Financial Incentive for Seismic Improvement.
California allows an exclusion from gross income for any amount received as a loan forgiveness, grant, credit, rebate, voucher, or other financial incentive issued by the
California Residential Mitigation Program or the California Earthquake Authority to assist a residential property owner or occupant with expenses paid, or obligations incurred, for earthquake loss mitigation. If the corporation included any amount as income for federal purposes, deduct the amount on line 15.
Federal Ordinary Net Gain or Loss. Enter any federal ordinary net gain or loss from federal
Form 4797, Sales of Business Property.
Line 18 - Net income (loss) for state purposes
If all corporate income is derived from
California sources, transfer the amount on line 17 directly to line 18.
If only a portion of income is derived from
California sources, complete Schedule R before entering any amount on line 18. Transfer the amount from Schedule R, line 35, to Form 100,

Form 100 Booklet 2024 Page 17 line 18. Be sure to answer "Yes'' to Question N on Form 100, Side 3.
If this line is a net loss, complete and attach the 2024 form FTB 3805Q to Form 100.
Public Law 86-272
Corporations not filing a combined report and who meet the protections of Public Law 86-272 are exempt from state taxes based upon, or measured by, net income. However, they still are subject to the annual minimum franchise tax if they are doing business in, incorporated in, or qualified to transact intrastate business in, California. If corporations are claiming immunity in California under Public
Law 86-272, do not include their net income or loss on line 18 and write "PL 86-272" at the top of Form 100.
Line 19, Line 20, and Line 21
The order in which line 19, line 20, and line 21 appear is not meant to imply the order in which any
NOL deduction or disaster loss deduction should be taken if more than one type of deduction is available.
Line 19 - Net operating loss (NOL) deduction
The NOL carryover deduction is suspended for the 2024, 2025, and 2026 taxable years, if the corporation's taxable income is $1,000,000 or more. The corporation may continue to compute and carryover an
NOL during the suspension period. See General Information
Section W, Net Operating Loss (
NOL), for more information.
The NOL carryover deduction is the amount of the NOL carryover from prior years that may be deducted from income in the current taxable year.
For more information, get form FTB 3805Q.
If line 18 is a positive amount, enter the NOL carryover deduction from the 2024 form
FTB 3805Q, Part III, line 3 on Form 100, line 19. The loss may not reduce current year income below zero. Any excess loss must be carried forward. Attach a copy of the 2024 form FTB 3805Q to Form 100.
If the full amount of the NOL carryover may not be deducted this year, complete and attach a
2024 form FTB 3805Q showing the computation of the
NOL carryover to future years.
If line 18 is a negative amount or $1,000,000 or more, corporations may not claim an
NOL deduction carryover. Enter  0 on line 19. Get the 2024 form FTB 3805Q instructions to compute the NOL carryover to future years.

• -

If the corporation terminates its election to be taxed as an S corporation, thus becoming a C corporation, then only that portion of the prior
NOL carryover incurred while it had
C corporation status may be used to the extent it has not expired.
Line 20 - EZ, TTA, or LAMBRA NOL carryover deduction
NOL carryover deductions for the Enterprise
Zone (EZ), Targeted Tax Area (TTA), or
Local Agency Military Based Recovery Area
(
LAMBRA) are suspended for the 2024, 2025, and 2026 taxable years, if the corporation's taxable income is $1,000,000 or more. For more information get form FTB 3805Z, form
FTB 3807, or form FTB 3809.
An NOL generated by a business that operates
(operated) or invests (invested) within a former
EZ, TTA, or LAMBRA receives special tax treatment. The loss may not reduce the corporation's current taxable year income below zero.
Corporations can no longer generate/incur any
EZ or LAMBRA NOL for taxable years beginning on or after January 1, 2014.
Corporations can claim
EZ or LAMBRA NOL carryover deduction from prior years. Get
FTB 3805Z Booklet or FTB 3807 Booklet for more information.
Corporations can no longer generate/incur any
TTA NOL for taxable years beginning on or after January 1, 2013. Corporations can claim
TTA NOL carryover deduction from prior years.
Get FTB 3809 Booklet for more information.
Compute and enter the EZ, TTA, or
LAMBRA NOL carryover deduction from the corporation's form FTB 3805Z; form FTB 3809; or form FTB 3807; on Form 100, line 20. Attach a copy of the applicable form to the Form 100.
Line 21 - Disaster loss deduction
The disaster loss deduction is not subject to the
NOL suspension rules for the 2024, 2025, and 2026 taxable years.
If the corporation has a disaster loss carryover deduction and there is income in the current taxable year, enter the total amount from the
2024 form FTB 3805Q, Part
III, line 2. The loss may not reduce the current taxable year income below zero. Any excess loss must be carried forward.
If the corporation deducts a 2024 disaster loss, any remaining disaster loss incurred in 2024
(
NOL attributable to a qualified disaster loss) must be carried forward. Get form FTB 3805Q for more information.
Line 23 - Tax
Use rates listed in General Information B, Tax
Rates, and C, Minimum Franchise Tax.
Line 24 through Line 26 - Tax credits
For taxable years beginning on or after
January 1, 2024, and before January 1,
2027, there is a $5,000,000 limitation on the application of credits. The total of all credits including the carryover of any credit for the taxable year may not reduce the "tax" by more than $5,000,000. This limitation does not apply to the Low-Income Housing Credit. The credit for prior year
AMT is not subject to the credit limitation. For taxpayers included in a combined report, the limitation is applied at the group level.
For each taxable year of the limitation, taxpayers may make an irrevocable election to receive an annual refundable credit amount, in future tax years, for credits disallowed due to the $5,000,000 limitation. The election must be made annually by completing form FTB 3870,
Election for Refundable Credit, and attaching it to an original, timely filed tax return.
If a taxpayer does not choose to make the election outlined above, credits disallowed due to the limitation may be carried over. The carryover period for disallowed credits is extended by the number of taxable years the credit was not allowed.
For more information, refer to R&TC Sections
23036.4 and 23036.5 and get form FTB 3870.
An eligible assignee can claim assigned credits, received this taxable year or carried over from prior years, against its tax liabilities. For more information, get form FTB 3544.
Note: The total amount of specific credit claimed on Form 100 or Schedule P (100) should include both: (1) the total assigned credit claimed from form FTB 3544, Side 2,
Part B, column (j), and (2) the amount of credit claimed that was generated by the assignee.
A variety of tax credits are available to
California corporations to reduce tax. However, corporations may not reduce the tax (line 23) below the minimum franchise tax, if applicable.
Also, the amount of the credit that a corporation is allowed to claim may be limited.
Complete Schedule P (100) to compute this limitation.
Corporations claiming the following credits are not subject to the TMT limitation:

• California Competes Tax Credit
• California Motion Picture and Television

Production Credit

• College Access Tax Credit
• Commercial Solar Electric System Credit carryover
• Commercial Solar Energy Credit carryover
• EZ Hiring Credit carryover
• EZ Sales or Use Tax Credit carryover
• Low-income Housing Credit
• Natural Heritage Preservation Tax Credit
• New California Motion Picture and

Television Production Credit

• New Advanced Strategic Aircraft Credit
• Orphan Drug Credit carryover
• Program 3.0 California Motion Picture and

Television Production Credit

• Research Credit
• Solar Energy Credit carryover
• Soundstage Filming Tax Credit
• State Historic Rehabilitation Tax Credit
• TTA Hiring Credit Carryover
• TTA Sales or Use Tax Credit carryover

Each credit is identified by a code. See the
Credit Chart on page 29. To claim one or

Page 18 Form 100 Booklet 2024 two credits, enter the credit name, code, and the amount of the credit on line 24 and line 25. To claim more than two credits, use
Schedule P (100). List two of the credits on line 24 and line 25. Enter the total of any remaining credits from Schedule P (100) on line 26. Do not make an entry on line 26 unless line 24 and line 25 are complete.
To figure tax credits, use the appropriate form or schedule. If the corporation claims a credit carryover for an expired credit, use form
FTB 3540, Credit Carryover and Recapture
Summary, to figure the amount of credit, unless the corporation is required to complete
Schedule P (100). In that case, enter the amount of the credit on Schedule P (100) and complete Schedule P (100). Do not attach form FTB 3540. For

# EZ, LAMBRA,

Manufacturing Enhancement Area (MEA), or
TTA credit carryovers, get form FTB 3805Z, form FTB 3807, form FTB 3808, or form
FTB 3809.
Attach the credit form or schedule and
Schedule P (100), if applicable, to Form 100.
Line 28 - Balance
Subtract line 27 from line 23. Enter the result or the applicable minimum franchise tax, whichever is more. See General Information C,
Minimum Franchise Tax.
Line 29 - Alternative minimum tax
Enter on this line the AMT from
Schedule P (100), Part  I, line 19, or Part  II, line 18, whichever is applicable.
Line 32 - 2024 Estimated tax payments
Enter the total amount of estimated tax payments made during the 2024 taxable year on this line. If the corporation is a nonconsenting nonresident (NCNR) member of an LLC and tax was paid on the corporation's behalf by the LLC, include the NCNR members' tax from Schedule K-1 (568), Member's
Share of Income, Deductions, Credits, etc., line 15e. If the corporation is including
NCNR tax, write "LLC" on the dotted line to the left of the amount on line 32, and attach
Schedule K-1 (568) to the California income tax return to claim the tax paid by the LLC on the corporation's behalf.
Line 33 - 2024 Withholding (Form 592-B and/or 593)
Enter the 2024 resident and nonresident or real estate withholding credit from Form 592-B,
Resident and Nonresident Withholding Tax
Statement, and/or Form 593. Attach a copy of the form(s) to the lower front of Form 100,
Side 1. Do not include NCNR member's tax from Schedule K-1 (568), line 15e as withholding.
Line 36 - Use tax
As explained under General Information Y,
California use tax applies to purchases of merchandise from out-of-state sellers (for example, purchases made by telephone, online, by mail, or in person) where sales or use tax was not paid and those items were used in California. For questions on whether a purchase is taxable, go to the California
Department of Tax and Fee Administration's website at cdtfa.ca.gov, or call their Customer
Service Center at 1.800.400.7115 (TTY: 711)
(for hearing and speech disabilities).
Note: The following businesses are required to report purchases subject to use tax directly to the California Department of Tax and Fee
Administration, and may not report use tax on their income tax return.

• Businesses that have, or are required to hold, a California seller's permit.
• Businesses that make more than $10,000 in purchases subject to use tax (excluding vehicles, vessels, and aircraft) per calendar year and have not paid use tax on those purchases to a retailer engaged in business in California or to a retailer authorized by the California Department of Tax and Fee

Administration to collect the tax.

• Businesses that are otherwise registered or required to be registered with the California

Department of Tax and Fee Administration to report use tax.
A corporation that is not required to report purchases subject to use tax directly to the California Department of Tax and Fee
Administration may, with some exceptions, report use tax on its Corporation Franchise or
Income Tax Return. To report use tax on the tax return, complete the Use Tax Worksheet on this page.
Note: A corporation may not report use tax on its income tax return for certain types of transactions. These types of purchases are listed in the instructions for completing
Worksheet, Line 1.
If the corporation owes use tax, but does not report it on the income tax return, the corporation must report and pay the tax to the California Department of Tax and Fee
Administration. For information on reporting use tax directly to the California Department of
Tax and Fee Administration, go to their website at cdtfa.ca.gov and type "Find Information
About Use Tax" in the search bar.
Failure to timely report and pay the use tax due may result in the assessment of interest, penalties, and fees.
Use Tax Worksheet
Round all amounts to the nearest whole dollar.

1. Enter purchases from out-of-state sellers made without payment of

California sales/use tax. See worksheet instructions.
$ __.00

1. Enter the applicable sales and use tax rate. See worksheet instructions __
2. Multiply line 1 by the tax rate on line 2. Enter result here . $ __.00
3. Enter any sales or use tax paid to another state for purchases included on line 1. See worksheet instructions $ . . . . . . . __.00
4. Total Use Tax Due. Subtract line 4 from line 3. Enter the amount here and on line 36.

If the amount is less than zero, enter 0 .
$ - - . . . . . . . . . . . . . . . . . __.00
Worksheet, Line 1, Purchases Subject to
Use Tax
Report purchases of items that would have been subject to sales tax if purchased from a
California retailer unless your receipt shows that California tax was paid directly to the retailer. For example, generally, purchases of clothing would be included, but not exempt purchases of food products or prescription medicine. For more information on nontaxable and exempt purchases, visit the California
Department of Tax and Fee Administration's website at cdtfa.ca.gov.

• Include handling charges.
• Do not include any other state's sales or use tax paid on the purchases.
• Enter only purchases made during the year that correspond with the tax return the corporation is filing.

Note: Do not report the following types of purchases on the corporation's income tax return:

• Vehicles, vessels, and trailers that must be registered with the Department of Motor

Vehicles.

• Mobile homes or commercial coaches that must be registered annually as required by the Health and Safety Code.
• Vessels documented with the U.S. Coast

Guard.

• Aircraft.
• Rental receipts from leasing machinery, equipment, vehicles, and other tangible personal property to the customers.
• Cigarettes and tobacco products when the purchaser is registered with the California

Department of Tax and Fee Administration as a cigarette and/or tobacco products consumer.
Worksheet, Line 2, Sales and Use Tax Rate
Enter the sales and use tax rate applicable to the place in California where the property is used, stored, or otherwise consumed. If the corporation does not know the applicable city or county sales and use tax rate, please go to the California Department of Tax and
Fee Administration's website at cdtfa.ca.gov and type "City and County Sales and Use
Tax Rates" in the search bar. You may also call their Customer Service Center at
1.800.400.7115 (TTY: 711) (for hearing and speech disabilities).
Worksheet, Line 4, Credit for Tax Paid to
Another State
This is a credit for tax paid to other states on purchases reported on Line 1. The corporation can claim a credit up to the amount of tax that would have been due if the purchase had been made in California. For example, if the corporation paid $8.00 sales tax to another state for a purchase, and would have paid
$6.00 in California, the corporation can only claim a credit of $6.00 for that purchase.

Form 100 Booklet 2024 Page 19
Line 39 and Line 40 - Franchise or income tax due or overpayment
Revise the amount of tax due or overpayment, if applicable, by the amount on Side 4, Schedule J, line 6. See instructions for Schedule J.
Line 41 - Amount to be credited to 2025 estimated tax
If the corporation chooses to have the overpayment credited to next year's estimated tax payment, the corporation cannot later request that the overpayment be applied to the prior year to offset any tax due.
Line 42 - Refund
Direct Deposit of Refund (DDR)
Direct deposit is fast, safe, and convenient.
To have the refund directly deposited into the corporation's bank account, enter the account information on Form 100, Side 2, lines 42a, 42b, and 42c. Be sure to fill in all the information. Do not attach a voided check or deposit slip.
Caution: Check with the corporation's financial institution to make sure the deposit will be accepted and to get the correct routing and account numbers. The FTB is not responsible for a lost refund due to incorrect account information.
To cancel the DDR, call the FTB at
916.845.0353. The FTB is not responsible when a financial institution rejects a direct deposit. If the FTB, the bank, or financial institution rejects the direct deposit due to an error in the routing number or account number, the FTB will issue a paper check.
Line 43 - Penalties and interest
Enter on line 43a the amount of any penalties and interest due. Complete and attach form
FTB 5806 to the back of Form 100 (after all schedules and federal return), only if
Exception B or Exception C of form FTB 5806 is used in computing or eliminating the penalty.
Be sure to check the box on line 43b. For more information, see General Information M,
Penalties, and N, Interest.
Schedules

# Schedule A - Taxes Deducted

Enter the nature of the tax, the taxing authority, the total tax, and the amount of the tax that is not deductible for California purposes on
Form 100, Side 4, Schedule A.
If the corporation is using the California computation method to compute the net income, enter the difference of column (c) and column (d) on Schedule F, line 17.

# Schedule D - California Capital

Gains or Losses
California law does not conform to the federal reduced capital gains tax rates. California taxes capital gains at the same rate as other types of income. California does not allow a three-year carryback of capital losses.
Gross Income Exclusion for Bruce's Beach -
Effective September 30, 2021, California law allows an exclusion from gross income for the first time sale in the taxable year in which the land within Manhattan State Beach, known as
"Peck's Manhattan Beach Tract Block 5" and commonly referred to as "Bruce's Beach" is sold, transferred, or encumbered. A recipient's gross income does not include the following:

• Any sale, transfer, or encumbrance of

Bruce's Beach;

• Any gain, income, or proceeds received that is directly derived from the sale, transfer, or encumbrance of Bruce's Beach.

Capital Assets
California does not conform to the exclusion of a patent, invention, model or design (whether or not patented), and a secret formula or process held by the taxpayer who created the property (and certain other taxpayers) from the definition of capital asset under
IRC Section 1221.
Qualified Opportunity Zone Funds
California does not conform to the deferral and exclusion of capital gains reinvested or invested in qualified opportunity zone funds under
IRC Sections 1400Z-1 and 1400Z-2.
Enter the entire gain amount on line 1 or line 5, column (f).
If, for California purposes, gains from investment in qualified opportunity zone property had been included in income during previous taxable year, do not include the gain in the current year income.
Enter any unused capital loss carryover from
2023 Form 100, Side 6, Schedule D, line 11 on
2024 Form 100, Side 6, Schedule D, line 3.
For information regarding the application of the capital loss limitation and the capital loss carryover in a combined report, see Cal.
Code Regs., tit. 18 section 25106.5-2 and
FTB Pub. 1061.
Line 1 and Line 5
Report short-term or long-term capital gains
(losses) from form FTB 3725 on Schedule D.
Make sure to label on Schedule D, Part
I, line 1 and/or Part  II, line 5, under column (a) Kind of property and description: "FTB 3725."
Enter the amount of short-term or long-term capital gains (losses) from form FTB 3725 on
Schedule D, Part
I, line 1, column (f) and/or
Part  II, line 5, column (f). Attach a copy of form FTB 3725 to the Form 100.
Report short-term or long-term capital gains from form FTB 3726 on Schedule D. Make sure to label on Schedule D, Part
I, line 1 and/or Part  II, line 5, under column (a) Kind of property and description: "DISA." Enter the amount of short-term or long-term capital gains from form FTB 3726 on Schedule D,
Part
I, line 1, column (f) and/or Part  II, line 5, column (f). Attach a copy of form FTB 3726 to the Form 100.

# Schedule F - Computation of

Net Income
Note: Do not include IRC Section 951A amounts.
See General Information I, Net Income
Computation, for information on net income computation methods.
Line 1a - Gross Receipts
"Gross receipts" means the gross amounts realized (the sum of money and the fair market value of other property or services received) on:

• The sale or exchange of property,
• The performance of services, or
• The use of property or capital (including rents, royalties, interest, and dividends) in a transaction that produces business income, in which the income, gain, or loss is recognized (or would be recognized if the transaction were in the United States) under the

IRC.
Amounts realized on the sale or exchange of property shall not be reduced by the cost of goods sold or the basis of property sold. For a complete definition of "gross receipts," refer to
R&TC Section 25120(f).
Line 4 - Total dividends
Enter the total amount of dividends received.
Line 13 - Salaries and wages
Gain from the exercise of California Qualified
Stock Options issued and exercised on or after
January 1, 1997, and before January 1, 2002, can be excluded from gross income if the individual's earned income is $40,000 or less.
The exclusion from gross income is subject to
AMT and the corporation is not allowed a deduction for the compensation excluded from the employee's gross income. For more information, see R&TC Section 24602.
Line 17 - Taxes
If the corporation is using the California computation method to compute the net income, enter on line 17 the difference of column (c) and column (d) of Schedule A.
Line 27 - Other deductions
Do not include any dividend elimination or deduction on this line. Instead complete
Schedule H (100), Dividend Income Deduction, and enter the dividend elimination or deduction on Form 100, Side 2, line 10, or line 11.
Line 28 - Specific deduction for organizations under R&TC Section 23701r or 23701t
Political Organizations
A political organization exempt under R&TC
Section 23701r must file Form 100 and report
"political taxable income" in excess of $100.
"Political taxable income" means all amounts received during the taxable year other than:

• Contributions of money or other property.
• Membership fees, dues, or assessments.
• Proceeds from political fundraising or entertainment events, or proceeds from the sale of political campaign material not received in the ordinary course of any trade or business.

Page 20 Form 100 Booklet 2024
Political organizations are not subject to the minimum franchise tax nor are they required to make estimate payments. The tax is computed under Chapter 3 of the Corporation Tax Law.
Enter the $100 limit on Schedule F, line 28, as a qualified "specific deduction."
Exempt Homeowners' Associations
A homeowners' association exempt under R&TC Section 23701t, including unincorporated homeowners' associations, must file Form 100 if it received nonexempt function gross income in excess of $100.
Form 100 may be required in addition to
Form 199.
Nonexempt function gross income means gross income received during the taxable year other than amounts received from membership fees, dues, or assessments. Nonexempt function gross income includes the gross amount of such items as, but not limited to: interest, dividends, rents, royalties, sale of assets, and income from nonmembers.
Exempt homeowners' associations and unincorporated homeowners' associations are not subject to the minimum franchise tax. The tax is computed under Chapter 3 of the Corporation Tax Law. Under Chapter 3, estimated tax payments may be required.
Form 100 is due on or before the 15th day of the 4th month after the close of the taxable year.
Enter the $100 limit on Schedule F, line 28, as a qualified "specific deduction."

# Schedule G - Bad Debts

Reserve Method
Only banks that are not a large bank, as defined in the IRC Section 585(c)(2), may use the bad debt reserve method. For the purpose of the bad debt reserve method, banks include savings and loan associations, and other financial institutions. For more information, see
IRC Sections 581 and 585. Complete
Schedule G below and attach it to Form 100.

# Schedule J - Add-On Taxes and

Recapture of Tax Credits
Complete Schedule J on Form 100, Side 4, if the corporation has credit amounts to recapture or is required to include installment payments of "add-on" taxes for the following:

• Last-in, first-out (LIFO) recapture resulting from an S corporation election.
• Interest computed under the look-back method for completed long-term contracts.
• Interest on tax attributable to installment sales of certain property or use of the installment method for non-dealer installment obligations.
• IRC Section 197(f)(9)(B)(ii) election to recognize gain on the disposition of an IRC

Section 197 intangible.
Revise the amount of tax due or overpayment on Form 100, Side 2, line 39 or line 40, as applicable by the amount from Schedule J, line 6.
Installment Payment of Tax Attributable to
LIFO Recapture for Corporations Making an
S Corporation Election. A corporation that uses the LIFO inventory pricing method and makes an S corporation election must include a "
LIFO recapture amount" in income for its last year as a C corporation. The corporation's
LIFO recapture amount is equal to the excess of the inventory amount using the first-in, first-out (
FIFO) method, over the inventory amount using the LIFO method, at the close of the corporation's last taxable year as a
C corporation.
The additional tax resulting from inclusion of the LIFO recapture in income is payable in four equal installments. The first installment is due on the original due date of Form 100 of the electing corporation's last year as a
C corporation.
To determine the additional tax due to LIFO recapture, the corporation must complete
Form 100, Side 2, line 18 through line 30, based on income that does not include the

LIFO recapture amount.
On a separate worksheet using the Form 100 format, the corporation must complete the equivalent of Form 100, Side 2, line 18 through line 30, based on taxable income including the
LIFO recapture amount. Form 100, Side 2, line 30, must then be compared to line 30 of the worksheet. The difference is the additional tax due to
LIFO recapture.
Since Form 100, Side 2, line 30, does not include the additional tax due to
LIFO recapture, corporations must include 1/4 of the additional tax on Schedule J, line 1 and adjust line 39 or line 40 accordingly. Attach the worksheet showing the computation.
The electing S corporations must pay the remaining three installments of deferred tax with Form 100S.
Long-term Contracts. If the corporation must compute interest under the look-back method for completed long-term contracts, complete and attach form FTB 3834, Interest
Computation Under the Look-Back Method for
Completed Long-Term Contracts. Include the amount of interest the corporation owes or the amount of interest to be credited or refunded to the corporation on Schedule J, line 2. If interest is to be credited or refunded, enter as a negative amount. Attach form FTB 3834 to
Form 100.
Interest on Tax Attributable to Payments
Received on Installment Sales of Certain
Timeshares and Residential Lots. If the corporation elected to pay interest on the amount of tax attributable to payments received on installment obligations arising from the disposition of certain timeshares and residential lots under
IRC Section 453(l)(3), it must include the interest due on Schedule J, line 3a. For the applicable interest rates, get
FTB Pub. 1138. Attach a schedule showing the computation.
Schedule G Bad Debts Reserve Method. See instructions.
(a)
Taxable year
(b)
Accounts outstanding at the end of the year
Amount added to reserve
(e)
Amount charged against reserve
(f)
Reserve for bad debts at end of year
(c)
Current year's provisions
(d)
Recoveries blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank blank

Form 100 Booklet 2024 Page 21
Interest on Tax Deferred Under the
Installment Method for Certain Nondealer
Installment Obligations. If an obligation arising from the disposition of property to which
IRC Section 453A(c) applies is outstanding at the close of the taxable year, the corporation must include the interest due under
IRC Section 453A on Schedule J, line 3b. For the applicable interest rates, get
FTB Pub. 1138.
IRC Section 197(f)(9)(B)(ii) Election.
Complete Schedule J, line 4 if the corporation elected to pay tax on the gain from the sale of an intangible under the related person exception to the anti-churning rules.
Credit Recapture. Complete Schedule J, line 5, if the corporation completed the credit recapture portion for any of the following forms:

• FTB 3835, State Historic Rehabilitation Tax

Credit

• FTB 3531, California Competes Tax Credit -

Enter only the recaptured amount used. Get the instructions for form FTB 3531, Part
III,
Credit Recapture, for more information.

• FTB 3554, New Employment Credit

Also, complete Schedule J, line 5, if the corporation is subject to recapture for any of the following credits:

• Environmental Tax Credit
• Farmworker Housing Credit

Get the instructions for form FTB 3540, Part II, for more information.
Schedule M-1 - Reconciliation of Income (Loss) per Books
With Income (Loss) per Return
Schedule M-1 is used to reconcile the difference between book and tax accounting for an income or expense item. The federal and state Schedule M-1 may be the same when the corporation uses the federal reconciliation method for net income computation. See
General Information I, Net Income
Computation, for more information. The
California Schedule M-1 will be different from the federal Form 1120, Schedule M-1, if using the California computation method for net income. The California computation method is generally used when the corporation has no federal filing requirement, or if the corporation maintains separate records for state purposes.
Reporting Requirements. If the corporation's total receipts (see top of page 31 for definition of total receipts) for the taxable year and total assets at the end of the taxable year are less than $250,000, the corporation is not required to complete Schedule L, Schedule M-1, and
Schedule M-2. However, this information must be available in the future upon request.
Corporation With Total Assets of At Least
$10 Million but Less Than $50 Million.
The
IRS allows corporations with at least
$10 million but less than $50 million in total assets at tax year end to file Schedule M-1
(Form 1120/1120-F) in place of Schedule M-3
(Form 1120/1120-F), Parts
II and III. However,
Schedule M-3 (Form 1120/1120-F), Part  I, is required for these corporations. For California purposes, the corporation must complete the
California Schedule M-1, and attach either of the following:

• A copy of the federal Schedule M-3

(Form 1120/1120-F) and related attachments to the Form 100.

• A complete copy of the federal return.

The FTB will accept the federal Schedule M-3
(Form 1120/1120-F) in a spreadsheet format if more convenient.

Page 22 Form 100 Booklet 2024

# THIS PAGE INTENTIONALLY LEFT BLANK

Visit our website: ftb.ca.gov

3601243 Form 100 2024Side 1

# TAXABLE YEAR

California Corporation
Franchise or Income Tax Return
FORM
For calendar year 2024 or fiscal year beginning
(mm/dd/yyyy) and ending
(mm/dd/yyyy) .
RP
Corporation name California corporation number FEIN
Additional information. See instructions. California Secretary of State file number
Street address (suite/room no.) PMB no.
City (If the corporation has a foreign address, see instructions.) State ZIP code
Foreign country name Foreign province/state/county Foreign postal code
Schedule Q Questions (continued on Side 2)
A FINAL RETURN? • • Dissolved • Surrendered (withdrawn) • Merged/Reorganized • IRC Section 338 sale • QSub election
Enter date (mm/dd/yyyy) • B 1. Is income included in a combined report of a unitary group? • • • Yes No
If "Yes," indicate: • Wholly within CA (R&TC 25101.15)

• Within and outside of CA
• Is there a change in the members listed in Schedule R-7 from the prior year? • • Yes • No
• Enter the number of members (including parent or key corporation) listed in the Schedule R-7, Part I, Section A, subject to income or franchise tax •
• Is form FTB 3544 attached to the return? • • Yes No •

C 1. During this taxable year, did this corporation or any of its subsidiaries acquire control or majority ownership (more than a 50% interest) in another legal entity?
If yes, did the acquired entity(ies) own California real property (i.e., land, buildings), lease such property for a term of
35 years or more, or lease such property from a government agency for any term?
If yes to both questions, answer yes . . . • • Yes • No

1. During this taxable year, did another person or legal entity acquire control or majority ownership (more than a 50% interest) of this corporation or any of its subsidiaries? If yes, did the acquired entity(ies) own California real property (i.e., land, buildings), lease such property for a term of

35 years or more, or lease such property from a government agency for any term? If yes to both questions, answer yes . . • • Yes • No

1. Has California real property (i.e., land, buildings) transferred to the corporation that was excluded from property tax reassessment under Revenue and Taxation Code Section 62(a)(2)?

If yes, during this taxable year, has more than 50% of the voting stock of this corporation cumulatively transferred in one or more transactions and it was not reported on previous year's tax return? If yes to both questions, answer yes . • • Yes • No
(Yes requires filing of BOE-100-B statement, penalties may apply - see instructions.)
State Adjustments
1 Net income (loss) before state adjustments. See instructions • 1 00
2 Amount deducted for foreign or domestic tax based on income or profits from Schedule A • 2 00
3 Amount deducted for tax under the provisions of the Corporation Tax Law from Schedule A • 3 00
4 Interest on government obligations • 4 00
5 Net California capital gain from Side 6, Schedule D, line 11 • 5 00
6 Depreciation and amortization in excess of amount allowed under California law. Attach form FTB 3885 • 6 00
7 Net income from corporations not included in federal consolidated return. See instructions • 7 00
8 Other additions. Attach schedule(s) • 8 00
9 Total. Add line 1 through line 8 • 9 00

Side 2 Form 100 2024 3602243
State Adjustments (cont.)
10 Intercompany dividend elimination. Attach Schedule H (100) • 10 00
11 Dividends received deduction. Attach Schedule H (100) • 11 00
12 Additional depreciation allowed under CA law. Attach form FTB 3885 . • 12 00
13 Capital gain from federal Form 1120, line 8 • 13 00
14 Charitable Contributions • 14 00
15 Other deductions. Attach schedule(s) • 15 00
16 Total. Add line 10 through line 15 • 16 00
17 Net income (loss) after state adjustments. Subtract line 16 from Side 1, line 9 • 17 00
CA Net Income
18 Net income (loss) for state purposes. Complete Schedule R if apportioning or allocating income. See instructions. • 18 00
19 Net operating loss (NOL) deduction. See instructions • 19 00
20 EZ, TTA, or LAMBRA NOL carryover deduction.
See instructions • 20 00
21 Disaster loss deduction. See instructions • 21 00
22 Net income for tax purposes. Combine line 19 through line 21. Then, subtract from line 18 • 22 00
Taxes
23 Tax. __

% x line 22 (at least minimum franchise tax, if applicable). See instructions • 23 00

• .. ▶ 24 00
• .. ▶ 25 00

24 Credit name code amount
25 Credit name code amount
26 To claim more than two credits, see instructions • 26 00
27 Add line 24 through line 26 • 27 00
28 Balance . Subtract line 27 from line 23 (at least minimum franchise tax, if applicable) • 28 00
29 Alternative minimum tax. Attach Schedule P (100). See instructions • 29 00
30 Total tax. Add line 28 and line 29 • 30 00
Payments
31 Overpayment from prior year allowed as a credit • 31 00
32 2024 Estimated tax payments. See instructions • 32 00
33 2024 Withholding (Form 592-B and/or 593). See instructions • 33 00
34 Amount paid with extension of time to file tax return • 34 00
35 Total payments. Add line 31 through line 34 • 35 00
Refund or Amount Due
36 Use tax. This is not a total line. See instructions • 36 00
37 Payments balance. If line 35 is more than line 36, subtract line 36 from line 35 • 37 00
38 Use tax balance. If line 36 is more than line 35, subtract line 35 from line 36 • 38 00
39 Franchise or income tax due. If line 30 is more than line 37, subtract line 37 from line 30 . • 39 00
40 Overpayment. If line 37 is more than line 30, subtract line 30 from line 37 • 40 00
41 Amount of line 40 to be credited to 2025 estimated tax • 41 00
42 Refund. Subtract line 41 from line 40 • 42 00
•
•

• • •

See instructions to have the refund directly deposited.
42a. Routing number 42b. Type
Checking
Savings
42c. Account number
43 a Penalties and interest • 43a 00

• • b Check if estimate penalty computed using Exception B or C on form FTB 5806. See instructions.

44 Total amount due. Add line 38, line 39, line 41, and line 43a. Then, subtract line 40 from the result • 44 00
Schedule Q Questions (continued from Side 1)
D If the corporation filed on a water's-edge basis pursuant to R&TC Sections 25110 and 25113 in previous years, enter the date the water's-edge election ended • (mm/dd/yyyy)
E Was the corporation's income included in a consolidated federal return? • • • Yes No
F Principal business activity code. (Do not leave blank): •

Business activity
Product or service
G Date incorporated (mm/dd/yyyy): Where: • __ State Country
Schedule Q Questions (continued on Side 3)

3603243 Form 100 2024Side 3
H Date business began in California or date income was first derived from California sources • • □ □ • □ □

• □ □ □ □ □

(mm/dd/yyyy)
I Was the corporation an inactive business both within and outside of California during the taxable year? Yes No
J First return? Yes No If "Yes" and this corporation is a successor to a previously existing business, check the appropriate box.
(1) Sole proprietorship (2) Partnership (3) Joint venture (4) Corporation (5) Other
(Attach statement showing name, address, and FEIN/SSN/ITIN of previous business.)
K "Doing business as" name. See instructions: • __

L At any time during the taxable year, was more than 50% of the voting stock:

1. Of the corporation owned by any single interest? • □ □Yes No
2. Of another corporation owned by this corporation? • □ □Yes No
3. Of this and one or more other corporations owned or controlled, directly or indirectly, by the same interests? • □ □Yes No If 1 or 3 is "Yes," enter the country of the ultimate parent •__ If 1, 2, or 3 is "Yes," furnish a statement of ownership indicating pertinent names, addresses, and percentages of stock owned. If the owner(s) is an individual, provide the SSN/ITIN and see FTB 1131 EN-SP , for more information.

M Has the corporation included a reportable transaction or listed transaction within this return? (See instructions for definitions) • □ □Yes No
If "Yes," complete and attach federal Form 8886 for each transaction.
N Is this corporation apportioning or allocating income to California using Schedule R? • □ □

• __

Yes No
O How many entities, if any, including this corporation, are claiming immunity from taxation in California under Public Law 86-272?
P Corporation headquarters are: • □ □ □

(1) Within California (2) Outside of California, within the U.S. (3) Outside of the U.S.
Q Location of principal accounting records:
R Accounting method: • □ □ □ (1) Cash (2) Accrual (3) Other
S Does this corporation or any of its subsidiaries have a Deferred Intercompany Stock Account (DISA)? • □ □Yes No
If "Yes," enter the total balance of all DISAs • __ $
T Is this corporation or any of its subsidiaries a RIC? • □ □Yes No
U Is this corporation treated as a REMIC for California purposes? • □ □Yes No
V 1. Is this corporation a REIT for California purposes? • □ □Yes No

1. If question V1 is "Yes," does the entity own any qualified REIT subsidiaries that are incorporated or qualified with the California Secretary of State? If yes, see instructions • □ □Yes No

W Is this corporation an LLC or limited partnership electing to be taxed as a corporation for federal purposes? • □ □Yes No
If "Yes", enter the effective date of the election (mm/dd/yyyy):
X Is this corporation to be treated as a credit union? • □ □Yes No
Y Is the corporation under audit by the IRS or has it been audited by the IRS in a prior year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • □ □Yes No
Z Have all required information returns (e.g. federal Forms 1099, 5471, 5472, 8300, 8865, etc.) been filed with the Franchise Tax Board? □ □ □ N/A Yes No
AA Does the taxpayer (or any corporation of the taxpayer's combined group, if applicable) own 80% or more of the stock of an insurance company? □ □Yes No
BB Did the corporation file the federal Schedule UTP (Form 1120)? • □ □Yes No
CC Does any member of the combined report own an SMLLC or generate/claim credits that are attributable to an SMLLC? • □ □Yes No
DD 1. Has this business entity previously filed an unclaimed property Holder Remit Report with the State Controller's Office? • □ □Yes No

1. If "Yes," when was the last report filed? (mm/dd/yyyy) • __ ◾ . __3. Amount last remitted $

Sign
Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Signature of officer ▶
Title Date
Officer's email address (optional)

• Telephone

Paid
Preparer's
Use Only
Preparer's signature
▶
Date Check if selfemployed ▶ •

• PTIN

Firm's name (or yours, if self-employed) and address
▶

• Firm's FEIN
• Telephone

May the FTB discuss this return with the preparer shown above? See instructions • □ □Yes No
For Privacy Notice, get FTB 1131 EN-SP.

Side 4 Form 100 2024 3604243
Schedule A Taxes Deducted. Use additional sheet(s) if necessary.
(a)
Nature of tax
(b)
Taxing authority
(c)
Total amount
(d)
Nondeductible amount
Total. Enter total of column (c) on Schedule F, line 17, and total of column (d) on Side 1, line 2 or line 3.
If the corporation uses California computation method to compute the net income, see instructions.
Schedule F Computation of Net Income. See instructions.
Income
1 a) Gross receipts or gross sales _ b) Less returns and allowance .. _ c) Balance • 1c 00
2 Cost of goods sold. Attach federal Form 1125-A (California Schedule V) • 2 00
3 Gross profit. Subtract line 2 from line 1c • 3 00
4 Total dividends. Attach federal Schedule C (California Schedule H (100)) • 4 00
5 a) Interest on obligations of the United States and U.S. instrumentalities • 5a 00 b) Other interest. Attach schedule • 5b 00
6 Gross rents • 6 00
7 Gross royalties • 7 00
8 Capital gain net income. Attach federal Schedule D (California Schedule D) • 8 00
9 Ordinary gain (loss). Attach federal Form 4797 (California Schedule D-1) • 9 00
10 Other income (loss). Attach schedule • 10 00
11 Total income. Add line 3 through line 10 • 11 00
•
•
•
•
Deductions
12 Compensation of officers. Attach federal Form 1125-E or equivalent schedule • 12 00
13 • 13 00 Salaries and wages (not deducted elsewhere)
14 Repairs and maintenance 14 00
15 Bad debts • 15 00
16 Rents • 16 00
17 Taxes (California Schedule A). See instructions • 17 00
18 Interest. Attach schedule • 18 00
19 Charitable Contributions. Attach schedule • 19 00
20 Depreciation. Attach federal
Form 4562 and FTB 3885 .. 20
21 Less depreciation claimed elsewhere on return • 00 21a 21b
22 Depletion. Attach schedule • 22 00
23 Advertising 23 00
24 .Pension, profit-sharing plans, etc 24 00
25 Employee benefit plans 25 00
26 a) Total travel and entertainment b) Deductible amounts

• 26b 00

27 Other deductions. Attach schedule • 27 00
28 Specific deduction for organizations under R&TC
Section 23701r or 23701t. See instructions • 28 00
29 Total deductions. Add line 12 through line 28 • 29 00 ... • 30 00 30 Net income before state adjustments. Subtract line 29 from line 11. Enter here and on Side 1, line 1
Schedule J Add-On Taxes and Recapture of Tax Credits. See instructions.
1 LIFO recapture due to S corporation election, IRC Sec. 1363(d) deferral: $__ • 1 00
2 Interest computed under the look-back method for completed long-term contracts (Attach form FTB 3834) • 2 00
3 Interest on tax attributable to installment: a Sales of certain timeshares and residential lots • 3a 00 b Method for nondealer installment obligations • 3b 00
4 IRC Section 197(f)(9)(B)(ii) election • 4 00
5 Credit recapture name: __ • 5 00
6 Combine line 1 through line 5, revise Side 2, line 39 or line 40, whichever applies, by this amount. Write
"Schedule J" to the left of line 39 or line 40 • 6 00

•
•
•

•
•
•
•
•
•
•
•
•
•
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•
•
•
•
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•

•
•
•
•

# Schedule V Cost of Goods Sold

1 Inventory at beginning of year . 1 00
2 Purchases . 2 00
3 Cost of labor • 3 00
4 a Additional IRC Section 263A costs. Attach schedule • 4a 00 b Other costs. Attach schedule • 4b 00
5 Total. Add line 1 through line 4b . 5 00
6 Inventory at end of year . 6 00
7 Cost of goods sold. Subtract line 6 from line 5. Enter here and on Side 4, Schedule F, line 2 . 7 00
Method of inventory valuation ► __
Was there any change in determining quantities, costs of valuations between opening and closing inventory? □ Yes □ No
If "Yes," attach an explanation.
Enter California seller's permit number, if any ► __
Check if the LIFO inventory method was adopted this taxable year for any goods. If checked, attach federal Form 970 □
If the LIFO inventory method was used for this taxable year, enter the amount of closing inventory under LIFO __
Do the rules of IRC Section 263A (with respect to property produced or acquired for resale) apply to the corporation? □ Yes □ No
The corporation may not be required to complete Schedules L, M-1, and M-2. See Schedule M-1 instructions for reporting requirements.

# Schedule L Balance Sheet Beginning of taxable year End of taxable year

(a) (b) (c) (d)Assets
1 Cash .
2 a Trade notes and accounts receivable . b Less allowance for bad debts ( ) ( )
3 Inventories .
4 Federal and state government obligations
5 Other current assets. Attach schedule(s) .
6 Loans to stockholders/officers. Attach schedule ..
7 Mortgage and real estate loans .
8 Other investments. Attach schedule(s) ...9 a Buildings and other fixed depreciable assets b Less accumulated depreciation ( ) ( ) 10 a Depletable assets b Less accumulated depletion . ( ) ( )
11 Land (net of any amortization)
12 a Intangible assets (amortizable only) b Less accumulated amortization ( ) ( )
13 Other assets. Attach schedule(s) .
14 Total assets
Liabilities and Stockholders' Equity
15 Accounts payable .
16 Mortgages, notes, bonds payable in less than 1 year
17 Other current liabilities. Attach schedule(s) .
18 Loans from stockholders. Attach schedule(s) ... .
19 Mortgages, notes, bonds payable in 1 year or more
20 Other liabilities. Attach schedule(s)
21 Capital stock: a Preferred stock . b Common stock .
22 Paid-in or capital surplus. Attach reconciliation .. .
23 Retained earnings - Appropriated. Attach schedule
24 Retained earnings - Unappropriated
25 Adjustments to shareholders' equity. Attach schedule
26 Less cost of treasury stock . ( ) ( )
27 Total liabilities and stockholders' equity
3605243 Form 100 2024Side 5

Side 6 Form 100 2024 3606243
Schedule M-1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return.
If the corporation completed federal Schedule M-3 (Form 1120 /1120-F), see instructions.
1 Net income per books •
2 Federal income tax •
3 Excess of capital losses over capital gains •
4 Taxable income not recorded on books this year
(itemize) __
__ •
5 Expenses recorded on books this year not deducted in this return (itemize) a Depreciation . . $ _ b State taxes ... . $ c Travel and entertainment $ d Other . $ _ e Total. Add line 5a through line 5d •
6 Total. Add line 1 through line 5e .
7 Income recorded on books this year not included in this return (itemize) a Tax-exempt interest $ _ b Other $ _ c Total. Add line 7a and line 7b . . . . . . . . •
8 Deductions in this return not charged against book income this year (itemize) a Depreciation $ _ b State tax refunds . $ c Other .$ _ d Total. Add line 8a through line 8c . •
9 Total. Add line 7c and line 8d . . . . . . . . .
10 Net income per return.
Subtract line 9 from line 6 .
Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Side 5, Schedule L, line 24)
1 Balance at beginning of year •
2 Net income per books •
3 Other increases (itemize) __

__ •
4 Total. Add line 1 through line 3 .
5 Distributions: a Cash • b Stock • c Property •
6 Other decreases (itemize) __
__ •
7 Total. Add line 5 and line 6
8 Balance at end of year.
Subtract line 7 from line 4

# Schedule D California Capital Gains and Losses

Part I Short-Term Capital Gains and Losses - Assets Held One Year or Less. Use additional sheet(s) if necessary.

(a)
Kind of property and description
(Example, 100 shares of Z Co.)
(b)
Date acquired
(mm/dd/yyyy)
(c)
Date sold
(mm/dd/yyyy)
(d)
Gross sales price
(e)
Cost or other basis plus expense of sale
(f)
Gain (loss)
(d) less (e)

2 Short-term capital gain from installment sales from form FTB 3805E, line 26 or line 37
3 Unused capital loss carryover from 2023
4 Net short-term capital gain (loss). Combine line 1 through line 3 . . . . . . . . . . . . . . . . . . . . . . . . 2 3 • 4
Part II Long-Term Capital Gains and Losses - Assets Held More Than One Year. Use additional sheet(s) if necessary.
(a)
Kind of property and description
(Example, 100 shares of Z Co.)
(b)
Date acquired
(mm/dd/yyyy)
(c)
Date sold
(mm/dd/yyyy)
(d)
Gross sales price
(e)
Cost or other basis plus expense of sale
(f)
Gain (loss)
(d) less (e)

6 Enter gain from Schedule D-1, line 9 and/or any capital gain distributions . 6 00
7 Long-term capital gain from installment sales from form FTB 3805E, line 26 or line 37 . 7 00
8 Net long-term capital gain (loss). Combine line 5 through line 7 • 8 00
9 Enter excess of net short-term capital gain (line 4) over net long-term capital loss (line 8) 9 00
10 Net capital gain. Enter excess of net long-term capital gain (line 8) over net short-term capital loss (line 4) 10 00
11 Total lines 9 and 10. Enter here and on Form 100, Side 1, line 5.
If losses exceed gains, carry forward losses to 2025 11 00

. . . . . . . . . . . .

Form 100 Booklet 2024 Page 29
(Continued on next page)
Credit Chart
Credit Name Code Description
Current Credits List
California Competes Tax - FTB 3531 233 The credit, which is allocated and certified by the California Competes Tax Credit Committee, is available for businesses that want to come to California or to stay and grow in California.
Website: business.ca.gov
California Motion Picture and Television
Production - FTB 3541
223 For taxable years beginning on or after January 1, 2011, the original credit is allocated and certified by the California Film Commission, and is available for qualified production expenditures attributable to a qualified motion picture, an independent film, or a TV series that relocates to California. Website: film.ca.gov
Cannabis Equity Tax - FTB 3821 247 The credit is available to a qualified taxpayer that is an equity licensee that has received approval, including approval contingent upon the availability of funds, for the fee waiver and deferral program administered by the DCC.
College Access Tax - FTB 3592 235 The credit, which is allocated and certified by the California Educational Facilities Authority, is available for taxpayers who contribute to the College Access Tax Credit Fund.
Website: treasurer.ca.gov/cefa
Disabled Access for Eligible Small Businesses -
205 Similar to the federal credit, but limited to $125 per eligible small business, and based on
50% of qualified expenditures that do not exceed $250
Donated Agricultural Products Transportation -
204 50% of the costs paid or incurred for the transportation of agricultural products donated to nonprofit charitable organizations
High-Road Cannabis Tax - FTB 3820 246 The credit is available to a qualified taxpayer that is a commercial cannabis business that possesses a Type-10 (retailer), or a Type-12 (micro-business) license issued by the DCC. A qualified taxpayer must request a tentative credit reservation from the FTB.
Homeless Hiring Tax - FTB 3831 244 The credit is available to qualified taxpayers that hire eligible individuals. Employers must obtain a certification of individual's homeless status from an organization that works with the homeless and must receive a tentative credit reservation for that employee from the FTB.
Low-Income Housing - FTB 3521 172 Similar to the federal credit but limited to low-income housing in California
Natural Heritage Preservation - FTB 3503 213 55% of the fair market value of any qualified contribution of property donated to the state, any local government, or any nonprofit organization designated by a local government.
New Advanced Strategic Aircraft 236 The credit is available to qualified corporations that hire qualified employees and pay or incur qualified wages, to manufacture certain property for the United States Air Force.
New California Motion Picture and Television
Production - FTB 3541
237 For taxable years beginning on or after January 1, 2016, the credit is allocated and certified by the California Film Commission, and is available for qualified production expenditures attributable to a qualified motion picture, an independent film, or a TV series that relocates to California. Website: film.ca.gov
New Donated Fresh Fruits or Vegetables -
238 15% of the qualified value of the donated fresh fruits, vegetables, or other qualified donated items made to California food banks, based on weighted average wholesale price.
New Employment - FTB 3554 234 The credit is available for qualified taxpayers that hire a qualified full-time employee, pay or incur qualified wages, and receive a tentative credit reservation for a qualified full-time employee.
Prior Year Alternative Minimum Tax 188 Must have paid alternative minimum tax in a prior year and have no alternative minimum tax liability in the current year
Prison Inmate Labor - FTB 3507 162 10% of wages paid to prison inmates
Program 3.0 California Motion Picture and
Television Production - FTB 3541
239 For taxable years beginning on or after January 1, 2020, the credit is allocated and certified by the California Film Commission, and is available for qualified production expenditures attributable to a qualified motion picture, an independent film or a TV series that relocates to California. Website: film.ca.gov
Research - FTB 3523 183 Similar to the federal credit but limited to costs for research activities in California
Soundstage Filming Tax - FTB 3541 245 For taxable years beginning on or after January 1, 2022, the credit is allocated and certified by the California Film Commission, and is available for qualified production expenditures attributable to a qualified motion picture, an independent film, or a TV series that is produced in California at a certified studio construction project and by a qualified taxpayer that provides a diversity workplan that is approved by the California Film Commission.
Website: film.ca.gov
State Historic Rehabilitation Tax - FTB 3835 243 The credit, which is allocated by the California Tax Credit Allocation Committee, is for the rehabilitation of certified historic structures and for individual taxpayers, a qualified residence. Website: ohp.parks.ca.gov

Page 30 Form 100 Booklet 2024
Credit Chart - Continued .. .. ... ...

...
Repealed Credits with Carryover or Recapture Provisions: The expiration dates for the credits listed below have passed. However, these credits had carr yover or recapture provisions. The corporation may claim these credits if there is a carryover available from prior years. If the corporation is not required to complete Schedule P (100), get form FTB 3540 to figure the credit carryover to future years.
For EZ,
LAMBRA, MEA , or TTA credit carryovers, get form FTB 3805Z, form FTB 3807, form FTB 3808, or form FTB 3809.
Agricultural Products 175
Commercial Solar Electric System 196
Commercial Solar Energy 181
Contribution of Computer Software 202
Donated Fresh Fruits or Vegetables 224
Employer Childcare Contribution 190
Employer Childcare Program
Employer Ridesharing - Large employer 191
Employer Ridesharing - Small employer 192
Employer Ridesharing - Transit passes 193
Energy Conservation 182
Enhanced Oil Recovery 203
Enterprise Zone Hiring 176
Enterprise Zone Sales or Use Tax 176
Environmental Tax 218
Farmworker Housing - Construction 207
Local Agency Militar y Base Recovery
Area Hiring 198
Local Agency Military Base Recovery
Area Sales or Use Tax 198
Low-Emission V ehicles 160
Main Street Small Business Tax 240
Main Street Small Business Tax
II 241
Manufacturing Enhancement
Area Hiring 211
Orphan Drug 185
Recycling Equipment 174
Ridesharing 171
Salmon & Steelhead Trout Habitat
Restoration 200
Solar Energy 180
Solar Pump 179
Targeted T ax Area Hiring 210
Targeted Tax Area Sales or Use Tax 210
T echnology Property Contributions 201

Principal Business Activity Codes
This list of principal business activities and their associated codes is designed to classify a business by the type of activity in which it is engaged to facilitate the administration of the California Revenue and Taxation Code. These principal business activity codes are based on the North American Industry Classification System.
Using the list of activities and codes below, determine from which activity the company derives the largest percentage of its ''total receipts.'' Total receipts is defined as the sum of gross receipts or sales (Form 100, Side 4, Schedule F , line 1a) plus all other income (Form 100, Side 4, Schedule F , lines 4 through 10). If the company purchases raw materials and supplies them to a subcontractor to produce the finished product, but retains title to the product, the company is considered a manufacturer and must use one of the manufacturing codes (311110-339900).
Once the principal business activity is determined, entries must be made on
Form 100, Question F . For the business activity code, enter the six-digit code selected from the list below. On the next line enter a brief description of the company's business activity. Finally, enter a description of the principal product or service of the company on the next line.
Agriculture, Forestry, Fishing, and Hunting
Code
Crop Production
111100 Oilseed & Grain Farming
111210 Vegetable & Melon Farming
(including potatoes & yams)
111300 Fruit & Tree Nut Farming
111400 Greenhouse, Nursery, &
Floriculture Production
111900 Other Crop Farming (including tobacco, cotton, sugarcane, hay, peanut, sugar beet, & all other crop farming)
Animal Production
112111 Beef Cattle Ranching &
Farming
112112 Cattle Feedlots
112120 Dairy Cattle & Milk Production
112210 Hog & Pig Farming
112300 Poultry & Egg Production
112400 Sheep & Goat Farming
112510 Aquaculture (including shellfish
& finfish farms & hatcheries)
112900 Other Animal Production
Forestry and Logging
113110 Timber Tract Operations
113210 Forest Nurseries & Gathering of Forest Products
113310 Logging
Fishing, Hunting, and Trapping
114110 Fishing
114210 Hunting & Trapping
Support Activities for Agriculture and
Forestry
115110 Support Activities for Crop
Production (including cotton ginning, soil preparation, planting, & cultivating)
115210 Support Activities for Animal
Production (including farriers)
115310 Support Activities for Forestry
Mining
211120 Crude Petroleum Extraction
211130 Natural Gas Extraction
212110 Coal Mining
212200 Metal Ore Mining
212310 Stone Mining & Quarrying
212320 Sand, Gravel, Clay, & Ceramic
& Refractory Minerals Mining
& Quarrying
212390 Other Nonmetallic Mineral
Mining & Quarrying
213110 Support Activities for Mining
Utilities
221100 Electric Power Generation,
Transmission & Distribution
221210 Natural Gas Distribution
221300 Water, Sewage & Other
Systems
221500 Combination Gas & Electric
Construction
Code
Construction of Buildings
236110 Residential Building
Construction
236200 Nonresidential Building
Construction
Heavy and Civil Engineering
Construction
237100 Utility System Construction
237210 Land Subdivision
237310 Highway, Street, & Bridge
Construction
237990 Other Heavy & Civil
Engineering Construction
Specialty Trade Contractors
238100 Foundation, Structure, &
Building Exterior Contractors
(including framing carpentry, masonry, glass, roofing, & siding)
238210 Electrical Contractors
238220 Plumbing, Heating, & Air-
Conditioning Contractors
238290 Other Building Equipment
Contractors
238300 Building Finishing Contractors
(including drywall, insulation, painting, wallcovering, flooring, tile, & finish carpentry)
238900 Other Specialty Trade
Contractors (including site preparation)
Manufacturing
Food Manufacturing
311110 Animal Food Mfg
311200 Grain & Oilseed Milling
311300 Sugar & Confectionery Product
Mfg
311400 Fruit & Vegetable Preserving &
Specialty Food Mfg
311500 Dairy Product Mfg
311610 Animal Slaughtering and
Processing
311710 Seafood Product Preparation &
Packaging
311800 Bakeries, Tortilla & Dry Pasta
Mfg
311900 Other Food Mfg (including coffee, tea, flavorings, & seasonings)
Beverage and Tobacco Product
Manufacturing
312110 Soft Drink & Ice Mfg
312120 Breweries
312130 Wineries
312140 Distilleries
312200 Tobacco Manufacturing
Textile Mills and Textile Product Mills
313000 Textile Mills
314000 Textile Product Mills
Apparel Manufacturing
315100 Apparel Knitting Mills
Code
315210 Cut & Sew Apparel Contractors
315250 Cut & Sew Apparel Mfg (except
Contractors)
315990 Apparel Accessories & Other
Apparel Mfg
Leather and Allied Product
Manufacturing
316110 Leather & Hide Tanning &
Finishing
316210 Footwear Mfg (including rubber
& plastics)
316990 Other Leather & Allied Product
Mfg
Wood Product Manufacturing
321110 Sawmills & Wood Preservation
321210 Veneer, Plywood, & Engineered
Wood Product Mfg
321900 Other Wood Product Mfg
Paper Manufacturing
322100 Pulp, Paper, & Paperboard Mills
322200 Converted Paper Product Mfg
Printing and Related Support
Activities
323100 Printing & Related Support
Activities
Petroleum and Coal Products
Manufacturing
324110 Petroleum Refineries (including integrated)
324120 Asphalt Paving, Roofing, &
Saturated Materials Mfg
324190 Other Petroleum & Coal
Products Mfg
Chemical Manufacturing
325100 Basic Chemical Mfg
325200 Resin, Synthetic Rubber, &
Artificial & Synthetic Fibers &
Filaments Mfg
325300 Pesticide, Fertilizer, & Other
Agricultural Chemical Mfg
325410 Pharmaceutical & Medicine
Mfg
325500 Paint, Coating, & Adhesive Mfg
325600 Soap, Cleaning Compound, &
Toilet Preparation Mfg
325900 Other Chemical Product &
Preparation Mfg
Plastics and Rubber Products
Manufacturing
326100 Plastics Product Mfg
326200 Rubber Product Mfg
Nonmetallic Mineral Product
Manufacturing
327100 Clay Product & Refractory Mfg
327210 Glass & Glass Product Mfg
327300 Cement & Concrete Product
Mfg
327400 Lime & Gypsum Product Mfg
327900 Other Nonmetallic Mineral
Product Mfg
Primary Metal Manufacturing
331110 Iron & Steel Mills & Ferroalloy
Mfg
331200 Steel Product Mfg from
Purchased Steel
331310 Alumina & Aluminum
Production & Processing
331400 Nonferrous Metal (except
Aluminum) Production &
Processing
331500 Foundries
Fabricated Metal Product
Manufacturing
332110 Forging & Stamping
332210 Cutlery & Handtool Mfg
332300 Architectural & Structural
Metals Mfg
332400 Boiler, Tank, & Shipping
Container Mfg
332510 Hardware Mfg
332610 Spring & Wire Product Mfg
332700 Machine Shops; Turned
Product; & Screw, Nut, & Bolt
Mfg
332810 Coating, Engraving, Heat
Treating, & Allied Activities
Code
332900 Other Fabricated Metal
Product Mfg
Machinery Manufacturing
333100 Agriculture, Construction, &
Mining Machinery Mfg
333200 Industrial Machinery Mfg
333310 Commercial & Service Industry
Machinery Mfg
333410 Ventilation, Heating, Air-
Conditioning, & Commercial
Refrigeration Equipment Mfg
333510 Metalworking Machinery Mfg
333610 Engine, Turbine & Power
Transmission Equipment Mfg
333900 Other General Purpose
Machinery Mfg
Computer and Electronic Product
Manufacturing
334110 Computer & Peripheral
Equipment Mfg
334200 Communications Equipment
Mfg
334310 Audio & Video Equipment Mfg
334410 Semiconductor & Other
Electronic Component Mfg
334500 Navigational, Measuring,
Electromedical, & Control
Instruments Mfg
334610 Manufacturing & Reproducing
Magnetic & Optical Media
Electrical Equipment, Appliance, and
Component Manufacturing
335100 Electric Lighting Equipment
Mfg
335200 Household Appliance Mfg
335310 Electrical Equipment Mfg
335900 Other Electrical Equipment &
Component Mfg
Transportation Equipment
Manufacturing
336100 Motor Vehicle Mfg
336210 Motor Vehicle Body & Trailer
Mfg
336300 Motor Vehicle Parts Mfg
336410 Aerospace Product & Parts
Mfg
336510 Railroad Rolling Stock Mfg
336610 Ship & Boat Building
336990 Other Transportation
Equipment Mfg
Furniture and Related Product
Manufacturing
337000 Furniture & Related Product
Manufacturing
Miscellaneous Manufacturing
339110 Medical Equipment & Supplies
Mfg
339900 Other Miscellaneous
Manufacturing
Wholesale Trade
Merchant Wholesalers, Durable Goods
423100 Motor Vehicle & Motor Vehicle
Parts & Supplies
423200 Furniture & Home Furnishings
423300 Lumber & Other Construction
Materials
423400 Professional & Commercial
Equipment & Supplies
423500 Metal & Mineral (except
Petroleum)
423600 Household Appliances and
Electrical & Electronic Goods
423700 Hardware, Plumbing, & Heating
Equipment & Supplies
423800 Machinery, Equipment, &
Supplies
423910 Sporting & Recreational Goods
& Supplies
423920 Toy & Hobby Goods & Supplies
423930 Recyclable Materials
423940 Jewelry, Watch, Precious
Stone, & Precious Metals
423990 Other Miscellaneous Durable
Goods
Form 100 Booklet 2024 Page 31

Code
Merchant Wholesalers, Nondurable
Goods
424100 Paper & Paper Products
424210 Drugs & Druggists' Sundries
424300 Apparel, Piece Goods, &
Notions
424400 Grocery & Related Products
424500 Farm Product Raw Materials
424600 Chemical & Allied Products
424700 Petroleum & Petroleum
Products
424800 Beer, Wine, & Distilled Alcoholic
Beverages
424910 Farm Supplies
424920 Book, Periodical, &
Newspapers
424930 Flower, Nursery Stock, &
Florists' Supplies
424940 Tobacco Products & Electronic
Cigarettes
424950 Paint, Varnish, & Supplies
424990 Other Miscellaneous
Nondurable Goods
Wholesale Trade Agents and Brokers
425120 Wholesale Trade Agents &
Brokers
Retail Trade
Motor Vehicle and Parts Dealers
441110 New Car Dealers
441120 Used Car Dealers
441210 Recreational Vehicle Dealers
441222 Boat Dealers
441227 Motorcycle, ATV, and All Other
Motor Vehicle Dealers
441300 Automotive Parts, Accessories,
& Tire Retailers
Building Material and Garden
Equipment and Supplies Dealers
444110 Home Centers
444120 Paint & Wallpaper Retailers
444140 Hardware Retailers
444180 Other Building Material Dealers
444200 Lawn & Garden Equipment &
Supplies Retailers
Food and Beverage Retailers
445110 Supermarkets and Other
Grocery Retailers (except
Convenience)
445131 Convenience Retailers
445132 Vending Machine Operators
445230 Fruit & Vegetable Retailers
445240 Meat Retailers
445250 Fish & Seafood Retailers
445291 Baked Goods Retailers
445292 Confectionery & Nut Retailers
445298 All Other Specialty Food
Retailers
445320 Beer, Wine, & Liquor Retailers
Furniture and Home Furnishings
Retailers
449110 Furniture Retailers
449121 Floor Covering Retailers
449122 Window Treatment Retailers
449129 All Other Home Furnishings
Retailers
Electronics and Appliance Retailers
449210 Electronics & Appliance
Retailers (including Computers)
General Merchandise Retailers
455110 Department Stores
455210 Warehouse Clubs,
Supercenters, & Other General
Merch. Retailers
Health and Personal Care Retailers
456110 Pharmacies & Drug Retailers
456120 Cosmetics, Beauty Supplies, &
Perfume Retailers
456130 Optical Goods Retailers
456190 Other Health & Personal Care
Retailers
Gasoline Stations & Fuel Dealers
457100 Gasoline Stations (including convenience stores with gas)
457210 Fuel Dealers (including Heating
Oil and Liquefied Petroleum)
Code
Clothing and Accessories Retailers
458110 Clothing and Clothing
Accessories Retailers
458210 Shoe Retailers
458310 Jewelry Retailers
458320 Luggage & Leather Goods
Retailers
Sporting Goods, Hobby, Book,
Musical Instrument and Miscellaneous
Retailers
459110 Sporting Goods Retailers
459120 Hobby, Toy, & Game Retailers
459130 Sewing, Needlework, & Piece
Goods Retailers
459140 Musical Instrument & Supplies
Retailers
459210 Book Retailers & News Dealers
(including newsstands)
459310 Florists
459410 Office Supplies & Stationery
Retailers
459420 Gift, Novelty, & Souvenir
Retailers
459510 Used Merchandise Retailers
459910 Pet & Pet Supplies Retailers
459920 Art Dealers
459930 Manufactured (Mobile) Home
Dealers
459990 All Other Miscellaneous
Retailers (including tobacco, candle, & trophy retailers)
Nonstore Retailers
Nonstore retailers sell all types of merchandise using such methods as Internet, mail-order catalogs, interactive television, or direct sales.
These types of Retailers should select the
PBA associated with their primary line of products sold. For example, establishments primarily selling prescription and non-prescription drugs, select
PBA code 456110 Pharmacies &
Drug Retailers.
Transportation and
Warehousing
Air, Rail, and Water Transportation
481000 Air Transportation
482110 Rail Transportation
483000 Water Transportation
Truck Transportation
484110 General Freight Trucking, Local
484120 General Freight Trucking, Longdistance
484200 Specialized Freight Trucking
Transit and Ground Passenger
Transportation
485110 Urban Transit Systems
485210 Interurban & Rural Bus
Transportation
485310 Taxi and Ridesharing Services
485320 Limousine Service
485410 School & Employee Bus
Transportation
485510 Charter Bus Industry
485990 Other Transit & Ground
Passenger Transportation
Pipeline Transportation
486000 Pipeline Transportation
Scenic & Sightseeing Transportation
487000 Scenic & Sightseeing
Transportation
Support Activities for Transportation
488100 Support Activities for Air
Transportation
488210 Support Activities for Rail
Transportation
488300 Support Activities for Water
Transportation
488410 Motor Vehicle Towing
488490 Other Support Activities for
Road Transportation
488510 Freight Transportation
Arrangement
488990 Other Support Activities for
Transportation
Code
Couriers and Messengers
492110 Couriers & Express Delivery
Services
492210 Local Messengers & Local
Delivery
Warehousing and Storage
493100 Warehousing & Storage (except lessors of miniwarehouses & self-storage units)
Information
Motion Picture and Sound Recording
Industries
512100 Motion Picture & Video
Industries (except video rental)
512200 Sound Recording Industries
Publishing Industries
513110 Newspaper Publishers
513120 Periodical Publishers
513130 Book Publishers
513140 Directory & Mailing List
Publishers
513190 Other Publishers
513210 Software Publishers
Broadcasting, Content Providers, and
Telecommunications
516100 Radio & Television
Broadcasting Stations
516210 Media Streaming, Social
Networks, & Other Content
Providers
517000 Telecommunications (including
Wired, Wireless, Satellite, Cable
& Other Program Distribution,
Resellers, Agents, Other
Telecommunications, & Internet
Service Providers)
Data Processing, Web Search Portals,
& Other Information Services
518210 Computing Infrastructure
Providers, Data Processing,
Web Hosting & Related
Services
519200 Web Search Portals, Libraries,
Archives, & Other Info. Services
Finance and Insurance
Depository Credit Intermediation
522110 Commercial Banking
522130 Credit Unions
522180 Saving Institutions &
Other Depository Credit
Intermediation
Nondepository Credit Intermediation
522210 Credit Card Issuing
522220 Sales Financing
522291 Consumer Lending
522292 Real Estate Credit (including mortgage bankers & originators)
522299 Intl, Secondary Market, &
Other Nondepos. Credit
Intermediation
Activities Related to Credit
Intermediation
522300 Activities Related to Credit
Intermediation (including loan brokers, check clearing, & money transmitting)
Securities, Commodity Contracts, and Other Financial Investments and
Related Activities
523150 Investment Banking &
Securities Intermediation
523160 Commodity Contracts
Intermediation
523210 Securities & Commodity
Exchanges
523900 Other Financial Investment
Activities (including portfolio management & investment advice)
Code
Insurance Carriers and Related
Activities
524110 Direct Life, Health, & Medical
Insurance Carriers
524120 Direct Insurance (except Life,
Health, & Medical) Carriers
524210 Insurance Agencies &
Brokerages
524290 Other Insurance Related
Activities (including third-party administration of insurance & pension funds)
Funds, Trusts, and Other Financial
Vehicles
525100 Insurance & Employee Benefit
Funds
525910 Open-End Investment Funds
(Form 1120-RIC)
525920 Trusts, Estates, & Agency
Accounts
525990 Other Financial Vehicles
(including mortgage REITs & closed-end investment funds)
"Offices of Bank Holding
Companies" and "Offices of
Other Holding Companies" are located under Management of Companies (Holding
Companies)
Real Estate and Rental and
Leasing
Real Estate
531110 Lessors of Residential
Buildings & Dwellings
(including equity
REITs)
531120 Lessors of Nonresidential
Buildings (except
Miniwarehouses) (including equity
REITs)
531130 Lessors of Miniwarehouses &
Self-Storage Units (including equity
REITs)
531190 Lessors of Other Real Estate
Property (including equity
REITs)
531210 Offices of Real Estate Agents &
Brokers
531310 Real Estate Property Managers
531320 Offices of Real Estate Appraisers
531390 Other Activities Related to Real
Estate
Rental and Leasing Services
532100 Automotive Equipment Rental
& Leasing
532210 Consumer Electronics &
Appliances Rental
532281 Formal Wear & Costume Rental
532282 Video Tape & Disc Rental
532283 Home Health Equipment Rental
532284 Recreational Goods Rental
532289 All Other Consumer Goods
Rental
532310 General Rental Centers
532400 Commercial & Industrial
Machinery & Equipment Rental
& Leasing
Lessors of Nonfinancial Intangible
Assets (except copyrighted works)
533110 Lessors of Nonfinancial
Intangible Assets (except copyrighted works)
Professional, Scientific, and
Technical Services
Legal Services
541110 Offices of Lawyers
541190 Other Legal Services
Page 32 Form 100 Booklet 2024

Code
Accounting, Tax Preparation,
Bookkeeping, and Payroll Services
541211 Offices of Certified Public
Accountants
541213 Tax Preparation Services
541214 Payroll Services
541219 Other Accounting Services
Architectural, Engineering, and
Related Services
541310 Architectural Services
541320 Landscape Architecture
Services
541330 Engineering Services
541340 Drafting Services
541350 Building Inspection Services
541360 Geophysical Surveying &
Mapping Services
541370 Surveying & Mapping (except
Geophysical) Services
541380 Testing Laboratories & Services
Specialized Design Services
541400 Specialized Design Services
(including interior, industrial, graphic, & fashion design)
Computer Systems Design and
Related Services
541511 Custom Computer
Programming Services
541512 Computer Systems Design
Services
541513 Computer Facilities
Management Services
541519 Other Computer Related
Services
Other Professional, Scientific, and
Technical Services
541600 Management, Scientific, &
Technical Consulting Services
541700 Scientific Research &
Development Services
541800 Advertising, Public Relations, &
Related Services
541910 Marketing Research & Public
Opinion Polling
541920 Photographic Services
541930 Translation & Interpretation
Services
541940 Veterinary Services
541990 All Other Professional,
Scientific, & Technical Services
Management of Companies
(Holding Companies)
551111 Offices of Bank Holding
Companies
551112 Offices of Other Holding
Companies
Administrative and Support and Waste Management and
Remediation Services
Administrative and Support Services
561110 Office Administrative Services
561210 Facilities Support Services
561300 Employment Services
561410 Document Preparation Services
561420 Telephone Call Centers
561430 Business Service Centers
(including private mail centers
& copy shops)
561440 Collection Agencies
561450 Credit Bureaus
561490 Other Business Support
Services (including repossession services, court reporting, & stenotype services)
Code
561500 Travel Arrangement &
Reservation Services
561600 Investigation & Security
Services
561710 Exterminating & Pest Control
Services
561720 Janitorial Services
561730 Landscaping Services
561740 Carpet & Upholstery Cleaning
Services
561790 Other Services to Buildings &
Dwellings
561900 Other Support Services
(including packaging & labeling services, & convention & trade show organizers)
Waste Management and Remediation
Services
562000 Waste Management &
Remediation Services
Educational Services
611000 Educational Services
(including schools, colleges, & universities)
Health Care and Social
Assistance
Offices of Physicians and Dentists
621111 Offices of Physicians (except mental health specialists)
621112 Offices of Physicians, Mental
Health Specialists
621210 Offices of Dentists
Offices of Other Health Practitioners
621310 Offices of Chiropractors
621320 Offices of Optometrists
621330 Offices of Mental Health
Practitioners (except
Physicians)
621340 Offices of Physical,
Occupational & Speech
Therapists, & Audiologists
621391 Offices of Podiatrists
621399 Offices of All Other
Miscellaneous Health
Practitioners
Outpatient Care Centers
621410 Family Planning Centers
621420 Outpatient Mental Health &
Substance Abuse Centers
621491 HMO Medical Centers
621492 Kidney Dialysis Centers
621493 Freestanding Ambulatory
Surgical & Emergency Centers
621498 All Other Outpatient Care
Centers
Medical and Diagnostic Laboratories
621510 Medical & Diagnostic
Laboratories
Home Health Care Services
621610 Home Health Care Services
Code
Other Ambulatory Health Care
Services
621900 Other Ambulatory Health Care
Services (including ambulance services & blood & organ banks)
Hospitals
622000 Hospitals
Nursing and Residential Care
Facilities
623000 Nursing & Residential Care
Facilities
Social Assistance
624100 Individual & Family Services
624200 Community Food & Housing,
& Emergency & Other Relief
Services
624310 Vocational Rehabilitation
Services
624410 Childcare Services
Arts, Entertainment, and
Recreation
Performing Arts, Spectator Sports, and Related Industries
711100 Performing Arts Companies
711210 Spectator Sports (including sports clubs & racetracks)
711300 Promoters of Performing Arts,
Sports, & Similar Events
711410 Agents & Managers for Artists,
Athletes, Entertainers, & Other
Public Figures
711510 Independent Artists, Writers, &
Performers
Museums, Historical Sites, and Similar
Institutions
712100 Museums, Historical Sites, &
Similar Institutions
Amusement, Gambling, and
Recreation Industries
713100 Amusement Parks & Arcades
713200 Gambling Industries
713900 Other Amusement &
Recreation Industries (including golf courses, skiing facilities, marinas, fitness centers, & bowling centers)
Accommodation and Food
Services
Accommodation
721110 Hotels (except Casino Hotels) &
Motels
721120 Casino Hotels
721191 Bed & Breakfast Inns
721199 All Other Traveler
Accommodation
721210 RV (Recreational Vehicle)
Parks & Recreational Camps
721310 Rooming & Boarding Houses
Dormitories, & Workers' Camps
Code
Food Services and Drinking Places
722300 Special Food Services
(including food service contractors & caterers)
722410 Drinking Places (Alcoholic
Beverages)
722511 Full-Service Restaurants
722513 Limited-Service Restaurants
722514 Cafeterias, Grill Buffets, and
Buffets
722515 Snack and Non-alcoholic
Beverage Bars
Other Services
Repair and Maintenance
811110 Automotive Mechanical
& Electrical Repair &
Maintenance
811120 Automotive Body, Paint, Interior,
& Glass Repair
811190 Other Automotive Repair &
Maintenance (including oil change & lubrication shops & car washes)
811210 Electronic & Precision
Equipment Repair &
Maintenance
811310 Commercial & Industrial
Machinery & Equipment
(except Automotive &
Electronic) Repair &
Maintenance
811410 Home & Garden Equipment
& Appliance Repair &
Maintenance
811420 Reupholstery & Furniture
Repair
811430 Footwear & Leather Goods
Repair
811490 Other Personal & Household
Goods Repair & Maintenance
Personal and Laundry Services
812111 Barber Shops
812112 Beauty Salons
812113 Nail Salons
812190 Other Personal Care Services
(including diet & weight reducing centers)
812210 Funeral Homes & Funeral
Services
812220 Cemeteries & Crematories
812310 Coin-Operated Laundries &
Drycleaners
812320 Drycleaning & Laundry
Services (except Coin-
Operated)
812330 Linen & Uniform Supply
812910 Pet Care (except Veterinary)
Services
812920 Photofinishing
812930 Parking Lots & Garages
812990 All Other Personal Services
Religious, Grantmaking, Civic,
Professional, and Similar
Organizations
813000 Religious, Grantmaking,
Civic, Professional, & Similar
Organizations (including condominium and homeowners associations)
Other
999000 Unclassified Establishments
(unable to classify)
Form 100 Booklet 2024 Page 33

# THIS PAGE INTENTIONALLY LEFT BLANK

Visit our website: ftb.ca.gov
Page 34 Form 100 Booklet 2024

Form 100 Booklet 2024 Page 35
How To Get California Tax Information
Where To Get Tax Forms and Publications
By Internet - You can download, view, and print California tax forms, instructions, publications, FTB Notices, and FTB Legal Rulings at ftb.ca.gov.
By phone - You can order current year California tax forms from 6 a.m. to 10 p.m. weekdays, 6 a.m. to 4:30 p.m. Saturdays, except holidays.
Refer to the list in the right column and find the code for the form you want to order. Call 800.338.0505 and follow the recorded instructions.
Allow two weeks to receive your order. If you live outside California, allow three weeks to receive your order.
By mail - Write to:
TAX FORMS REQUEST UNIT MS D120

# FRANCHISE TAX BOARD

PO BOX 307

# RANCHO CORDOVA

CA 95741-0307
Letters
If you write to us, be sure to include your California corporation number or federal employer identification number, your daytime and evening telephone numbers, and a copy of the notice with your letter. Send your letter to:

# FRANCHISE TAX BOARD

PO BOX 942857

# SACRAMENTO

CA 94257-0500
We will respond to your letter within ten weeks. In some cases, we may need to call you for additional information. Do not attach correspondence to your tax return unless the correspondence relates to an item on the return.
General Phone Service
Telephone assistance is available year-round from 8 a.m. until 5 p.m.
Monday through Friday, except holidays. Hours subject to change.
Telephone: 800.852.5711 from within the United States
916.845.6500 from outside the United States
California
Relay
Service: 711 or 800.735.2929 for persons with hearing or speaking limitations
IRS: 800.829.4933 call the IRS for federal tax questions
Asistencia En Español
Asistencia telefónica está disponible durante todo el año desde las 8 a.m. hasta las 5 p.m. de lunes a viernes, excepto días feriados. Las horas están sujetas a cambios.
Teléfono: 800.852.5711 dentro de los Estados Unidos
916.845.6500 fuera de los Estados Unidos
Servicio de
Retransmisión de California: 711 o 800.735.2929 para personas con limitaciones auditivas o del habla
IRS: 800.829.4933 para preguntas sobre impuestos federales
California Tax Forms and Publications
817 California Corporation Tax Booklet: Form 100, California
Corporation Franchise or Income Tax Return
816 California S Corporation Tax Booklet: Form 100S, California S
Corporation Franchise or Income Tax Return
814 Form 109, California Exempt Organization Business Income Tax
Booklet
818 Form 100-ES, Corporation Estimated Tax
815 Form 199, California Exempt Organization Annual Information
Return and Instructions
802 FTB 3500, Exemption Application
831 FTB 3500A, Submission of Exemption Request
943 FTB 4058, California Taxpayers' Bill of Rights - Information for
Taxpayers
948 FTB 1131 EN-SP , Franchise Tax Board Privacy Notice on
Collection - Aviso de Privacidad del Franchise Tax Board sobre la
Recaudación
Your Rights As A Taxpayer
The FTB's goals include making certain that your rights are protected so that you have the highest confidence in the integrity, efficiency, and fairness of our state tax system. For more information, get FTB 4058,
California Taxpayers' Bill of Rights - Information for Taxpayers.
See "Where To Get Tax Forms and Publications," on this page.
Franchise Tax Board Privacy Notice on
Collection
Our privacy notice can be found in annual tax booklets or online. Go to ftb.ca.gov/privacy to learn about our privacy policy statement, or go to ftb.ca.gov/forms and search for 1131 to locate FTB 1131 EN-SP ,
Franchise Tax Board Privacy Notice on Collection -
Aviso de Privacidad del Franchise Tax Board sobre la Recaudación. To request this notice by mail, call 800.338.0505 and enter form code 948 when instructed.

Page 36 Form 100 Booklet 2024
Automated Phone Service (Keep This Booklet For Future Use)
Use our automated phone service to get recorded answers to many of your questions about California taxes and to order current year California business entity tax forms and publications. This service is available in
English and Spanish to callers with touch-tone telephones. Have paper and pencil ready to take notes.
Telephone: 800.338.0505 from within the United States
916.845.6500 from outside the United States
To Order Forms
See "Where to Get Tax Forms and Publications" on the previous page.
To Get Information
You can hear recorded answers to Frequently Asked Questions 24 hours a day, 7 days a week. Call our automated phone service at the number listed above. Select "Business Entity Information," then select "Frequently
Asked Questions." Enter the 3-digit code, listed below, when prompted.
Code Filing Assistance
715 If my actual tax is less than the minimum franchise tax, what figure do I put on the Tax line on Form 100 or Form 100W?
717 What are the tax rates for corporations?
718 How do I get an extension of time to file?
722 When does my corporation have to file a short-period return?
734 Is my corporation subject to franchise tax or income tax?
Code S Corporations
704 Is an S corporation subject to the minimum franchise tax?
705 Are S corporations required to make estimated payments?
706 What forms do S corporations file?
707 The tax for my S corporation is less than the minimum franchise tax. What figure do I put on the Tax line on Form 100S?
Code Exempt Organizations
709 How do I get tax-exempt status?
710 Does an exempt organization have to file Form 199?
736 I have exempt status. Do I need to file Form 100 or Form 109 in addition to Form 199?
Code Minimum Tax and Estimate Tax
712 What is the minimum franchise tax?
714 My corporation is not doing business; does it have to pay the minimum franchise tax?
Code Billings and Miscellaneous Notices
503 How do I file a protest against a Notice of Proposed Assessment?
723 I received a bill for $250. What is this for?
Code Corporate Dissolution
724 How do I dissolve my corporation?
Code Limited Liability Companies (LLCs)
750 How do I organize or register an LLC?
752 What tax forms do I use to file as an LLC?
753 When is the annual tax payment due?
Code Miscellaneous
700 Who do I need to contact to start a business?
701 I need a state Employer ID number for my business. Who do I contact?
703 How do I incorporate?
737 Where do I send my payment?
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