California Form 3521 PDF Details

In order to legally and successfully transfer assets between foreign entities and U.S. taxpayers, a California Form 3521 must be filed with the state's Franchise Tax Board (FTB). This document is used to report certain types of international transactions, such as the sale or exchange of property, or the performance of services. failing to submit a California Form 3521 can result in significant fines and penalties, so it is important to understand when this form is required and how to complete it correctly.

Below is the details about the form you were in search of to fill in. It can show you how much time it will require to finish california form 3521, what parts you will have to fill in, and so on.

QuestionAnswer
Form NameCalifornia Form 3521
Form Length2 pages
Fillable?Yes
Fillable fields47
Avg. time to fill out9 min 58 sec
Other namesLLCs, 3544A, Assignee, LLC

Form Preview Example

TAXABLE YEARCALIFORNIA FORM

2020 Low-Income Housing Credit

3521

Attach to your California tax return.

 

Name(s) as shown on your California tax return

SSN or ITIN   CA Corporation no.   FEIN

Building identification number (BIN). If more than one building, attach a list of all BINs for this credit.

California Secretary of State (SOS) file number

Part I Available Credit

1Has the eligible basis of any project or building decreased since you received form CTCAC 3521A from the California Tax Credit Allocation Committee?

Yes No If “Yes,” complete Part III before continuing. See General Information C.

 

2 Current year credit. See instructions. . . . . . . . . . . . . . . . . . . . . . . . . . . .   2

00

3Enter any affiliated corporation or pass-through low-income housing credits from other entities below. See instructions.

If you

Current year

(a)

(b)

(c)

(d)

are a

low-income housing

Name of entity passing

Identification numbers –

BIN

Total amount of affiliated

 

credits from –

through the credit –

California corporation,

 

corporation or pass-through

 

 

 

FEIN, etc.

 

credit(s)

Corporation

FTB 3521, line 10

 

 

 

 

 

 

of the affiliated

 

 

 

 

 

 

corporation

 

 

 

 

00

S corporation

Schedule K-1

 

 

 

 

 

shareholder

(100S), line 13a

 

 

 

 

00

Beneficiary

Schedule K-1 (541),

 

 

 

 

 

 

line 13d

 

 

 

 

00

Partner or

Schedule K-1 (565,

 

 

 

 

 

LLC member

568), line 15b

 

 

 

 

00

Total pass-through low-income housing credit. Add the amounts in column (d) . . . . . . . . . . .   3

4 Current year low-income housing credit. Add line 2 and line 3 . . . . . . . . . . . . . . . . . 4

5Enter the amount of low-income housing credit on line 4 that is from passive activities.

If none of the amount on line 4 is from passive activities, enter -0- . . . . . . . . . . . . . . . .5

6 Subtract line 5 from line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   6

7Enter the allowable low-income housing credit from passive activities. See instructions . . . . . . . .   7

8 Low-income housing credit carryover from prior year . . . . . . . . . . . . . . . . . . . .   8

9 Add line 6 through line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   9

10Corporations only: Amount of low-income housing credit allocated to affiliated corporations. See instructions.

Corporation name

California corporation number

Amount of credit allocated

00

00

00

00

00

00

00

Total amount of low-income housing credit allocated. If you are not a corporation, enter -0- . . . . . . 10

11 Total available low-income housing credit. Subtract line 10 from line 9 . . . . . . . . . . . . . . 11

00

00

 

 

 

7301203

 

 

 

For Privacy Notice, get FTB 1131 ENG/SP.

FTB 3521  2020  Side 1

 

Part II Carryover Computation

12a Credit claimed. Enter the amount of the credit claimed on the current year tax return.

See instructions. . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . .12a

(Do not include any assigned credit claimed on form FTB 3544,

Part B.)

12b Total credit assigned. Enter the total amount from form FTB 3544, Part A, column (g).

If you are not a corporation, enter -0-. See instructions . . . . . . . . . . . . . . . . . . .12b

13 Credit carryover available for future years. Add line 12a and line 12b, subtract the result from line 11 . . 13

00

00

00

Part III Basis Recomputations. Complete this part only if the basis in a project or building has decreased. Use additional sheets if necessary.

14Date building was placed in service (month/year) . . . . .

15 BIN . . . . . . . . . . . . . . . . . . . . . .

16Eligible basis of building. See General Information C . . . .

17Low-income portion (lesser of unit percentage or floor-space percentage). See instructions . . . . . . . .

18Qualified basis of low-income building. Multiply line 16

by line 17 . . . . . . . . . . . . . . . . . . . .

19Applicable percentage. See General Information B . . . . .

20Multiply line 18 by line 19. See Specific Line Instructions for Part I, line 2 . . . . . . . . . . . . . . . . . . .

14

15

16

17

18

19

20

(a)

Building 1

(b)

Building 2

(c)

Total

 

Side 2  FTB 3521  2020

7302203

How to Edit California Form 3521 Online for Free

Our top computer programmers worked hard to create the PDF editor we are pleased to deliver to you. This application permits you to quickly create LLCs and can save valuable time. You simply need to adhere to this particular guide.

Step 1: On this website page, select the orange "Get form now" button.

Step 2: After you have entered the LLCs editing page you'll be able to see every one of the options you may undertake about your document from the upper menu.

To prepare the template, enter the information the application will require you to for each of the following parts:

part 1 to completing Assignee

You have to fill in the Total pass, through low, income 4 Current year low, income housing, 5 Enter the amount of low, income If none of the amount on line 4 is, 6 Subtract line 5 from line 4 , 7 Enter the allowable low, income 8 Low, income housing credit, 9 Add line 6 through line 8 , 10 Corporations only: Amount of, Corporation name, California corporation number, Amount of credit allocated, Total amount of low, income housing, and 11 Total available low, income space with the requested particulars.

step 2 to finishing Assignee

Inside the section talking about Part II Carry, over Computation, 12 a Credit claimed, See instructions, 12 b Total credit assigned, If you are not a corporation, 13 Credit carry, over available for, Part III Basis Re, computations (a), Building 1, (b), Building 2, (c) Total, 14 Date building was placed in, 15 BIN , and 16 Eligible basis of building, one should jot down some required information.

Completing Assignee part 3

The 18 Qualified basis of low, income by line 17 , 19 Applicable percentage, 20 Multiply line 18 by line 19, and Part I segment should be applied to put down the rights or responsibilities of each party.

Finishing Assignee step 4

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