California Tax: Business Entities
Learning objectives
- Identify the California return, tax rate, and minimum tax for each business entity type
- Determine whether an entity is doing business in California under Sec. 23101
- Apply single-sales-factor apportionment and market-based sourcing to a multistate entity
- Recall Schedule A adjustments for Secs. 168(k) and 179 nonconformity
- Distinguish the conformity-date mechanism from express federal nonconformities
- Recall NOL suspension thresholds and the $5M credit cap for TY 2024–2026
- Compare the legacy and new PTE regimes, including prepayment consequences and the credit reduction
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