Form 1120-C California San Bernardino 2024-2025

Form 1120-C California San Bernardino: What You Should Know

A member of a ROTC unit, or b. A member of a U.S. Coast Guard unit in the regular and/or reserve force. • Corporate Tax Exclusion for ROTC Units. In the case of an eligible ROTC unit, the corporate income tax of C corporation partners that reside in the state in which the unit is established (but is also established by a partner in a “ROTC section,” as described later below). There is an annual limitation of 150,000 of income (including earned income) of a C corporation partner with respect to a unit. In addition, there is a requirement that a member of a ROTC unit report C corporation income to his or her state's provincial income tax. Section 1213 of the Income Tax Act and section 21 of the Income Tax Regulations specifically authorize the exclusion of taxable income earned while a member of a ROTC unit from C corporation partner income tax in California. The exclusion is not available for members of the military in the regular and reserve force of the United States Coast Guards for any part of the year or while in receipt of a retirement pension or other benefit under a public or quasi-public service plan. Section 1041.6(a) of the Income Tax Regulation of the California Department of Revenue (for taxable years beginning in 2019) and Part 23 of the Income Tax Regulations of the Internal Revenue Service (for taxable years beginning in 2021) provide that the benefits of a ROTC unit shall be included in income only to the extent that the income of the unit is attributable to the compensation paid to an ROTC unit participant for the use of a ship, aircraft, motor vehicle, or other means of personal transportation. 1041.6(a): “The following benefits are taxable: “1. Compensation for use of: A. The use of an aircraft owned and operated by a partnership, corporation, cooperative, or other entity that does not qualify as a non-profit corporation; B. The use of a ship when a vessel owned and operated by an association of owners and operators (collectively, the “owners”). If only one member of a partnership, corporation, cooperative, or other entity qualifies as the owner, a joint return may not be filed for this income.” Part 23: “A.

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