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Anaheim California online Form 1065 (Schedule M-3): What You Should Know

The calculation for the Form 1065, Schedule M-1, is made by multiplying the total of line 2  Schedule M-3, line 20, “Books reported to be taxable income,” by the applicable exclusion amount (line 20.e. For taxable years beginning in 2001, this is equal to 10% of the applicable exclusion amount for the year). For each of the following book year years, the applicable exclusion amount (line 20.f) is calculated from line 20 of Schedule M-3 by: Exclusions, line 20.b., lines 20.g. and 20.h. , are added to the book-to-tax adjustment at line 20.e. Total amount attributable to excluded items at line 20.f is determined in accordance with line 20.e. If the total amount attributable to excluded items is greater than zero, the excess amount is transferred to line 18. If the excess amount equals or exceeds 100%, the exclusion amount (line 20.f) is added to the amount of the book-to-tax adjustment at line 20.e. If the amount attributable to excluded items equals or exceeds 150%, the applicable exclusion amount (line 20.f) is added to line 19. If the amount attributable to excluded items for either line 20.f or line 19. Is less than zero, the amount on line 20.f is subtracted from the amount of book-to-tax adjustment at line 20.e. as described in the definition of adjustment at line 19. If the amount attributable to excluded items is greater than 150%, add the excess amount (line 20.f) to the exclusion amount under line 19. If the taxpayer received net income (loss) attributable to excluded items for any taxable year beginning after December 31, 2002, the amount of net taxable income (loss) of the partnership for any taxable year beginning after December 31, 2002, and before January 1, 2004, must be excluded from the partnership's gross income.

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