568 Form Fillable Limited Liability Company Return of Income
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(1) Cost (2) Lower of cost or market as described in Treas Reg Section 1 471 4 (3) Write down of subnormal goods as (1) Form 540 (5) Form 541 (1) m Cash (2) m Accrual (3) m Other (attach explanation) $ (1) m Initial return (2) m FINAL RETURN (3) m Amended return (2) Does the LLC have any domestic (non foreign) nonresident members? I Yes No (2) During this taxable year did this LLC acquire control or majority ownership (more than a 50% interest) in another legal (2) Form 100 (6) Form 100S (2) If No was this LLC registered in California without earning any income sourced in this state during the taxable year? Yes No (2) If Yes enter the generated amount I (2) If Yes enter the year of asset disposition I (2) If Yes provide prior FEIN(s) if different business name(s) and entity type(s) for prior returns (2) If Yes see instructions and complete Side 1 Side 2 Side 3 Schedule B Side 5 and Side 7 if applicable Are there (2) Is this the first year of doing business in California? I Yes No (3) During this taxable year has more than 50% of the LLC s ownership interests cumulatively transferred in one or more (3) Form 565 (7) Form 568 (3) If Yes to U(1) does the disregarded entity have total income derived from or attributable to California that is less than (3) Were Form 592 Form 592 A Form 592 B and Form 592 F filed for these members? I Yes No (4) Other (a) (b) (c) (d) (m m / d d / y y y y) (m m / d d / y y y y) (Yes requires filing of statement penalties may apply see instructions ) 1 a Gross receipts or sales $ b Less returns and allowances $ c Balance I 1c 00 1 a Total California income from Form 568 Schedule B line 3 See instructions 1a 1 Cash 1 Ordinary income (loss) from trade or business activities 1 I 1 Total income from Schedule IW Limited Liability Company Income Worksheet See instructions I 1 00 10 Other income Attach schedule I 10 00 11 Other loss Attach schedule I 11 00 12 Total income (loss) Combine line 3 through line 11 I 12 00 13 Salaries and wages (other than to members) 13 00 14 Guaranteed payments to members 14 00 15 Bad debts I 15 00 16 Deductible interest expense not claimed elsewhere on return 16 00 17 a Depreciation and amortization Attach form FTB 3885L $ 18 Depletion Do not deduct oil and gas depletion 18 00 19 Retirement plans etc 19 00 2 a If the answer to Question U(1) on Form 568 Side 2 is Yes include the gross income of this 2 a Trade notes and accounts receivable 2 Cost of goods sold (Schedule A line 8) 2 00 2 Limited Liability Company fee See instructions I 2 00 2 Net income (loss) from rental real estate activities Attach federal Form 8825 2 2 Type of expenditures 13c2 20 Employee benefit programs 20 00 21 Other deductions Attach schedule I 21 00 22 Total deductions Add line 13 through line 21 I 22 00 23 Ordinary income (loss) from trade or business activities Subtract line 22 from line 12 I 23 00 3 2014 annual Limited Liability Company tax See instructions I 3 00 3 a Gross income (loss) from other rental activities 3a 3 a LLC s distributive share of ordinary income from pass through entities 3a 3 GROSS PROFIT Subtract line 2 from line 1c I 3 00 3 Inventories I 4 Add gross farm income from federal Schedule F (Form 1040) Use California 4 Guaranteed payments to members 4 I 4 Nonconsenting nonresident members tax liability from Schedule T (Side 4) I 4 00 4 Total ordinary income from other LLCs partnerships and fiduciaries Attach schedule I 4 00 4 U S government obligations 5 Enter the total of other income (not loss) from Form 568 Schedule B line 10 5 5 Interest income 5 I 5 Tax exempt securities 5 Total ordinary loss from other LLCs partnerships and fiduciaries Attach schedule I 5 00 5 Total tax and fee Add line 2 line 3 and line 4 I 5 00 6 Amount paid with form FTB 3537 and 2014 form FTB 3522 and form FTB 3536 I 6 00 6 Dividends 6 I 6 Enter the total gains (not losses) from Form 568 Schedule B line 8 6 6 Other current assets Attach schedule I 6 Total farm profit Attach federal Schedule F (Form 1040) I 6 00 7 Add line 1a through line 6 7 7 Mortgage and real estate loans 7 Overpayment from prior year allowed as a credit I 7 00 7 Royalties 7 I 7 Total farm loss Attach federal Schedule F (Form 1040) I 7 00 8 California rental real estate 8 Net short term capital gain (loss) Attach Schedule D (568) 8 I 8 Other investments Attach schedule I 8 Total gains included on Schedule D 1 Part II line 17 (gain only) I 8 00 8 Withholding (Form 592 B and/or 593) I 8 00 9 a Buildings and other depreciable assets 9 Net long term capital gain (loss) Attach Schedule D (568) 9 I 9 Other California rentals 9 Total losses included on Schedule D 1 Part II line 17 (loss only) I 9 00 9 Total payments Add line 6 line 7 and line 8 I 9 00 a Cash I a Depreciation $ a Enter the amount from Schedule K (568) line 3a 9a a Enter the total gross rents from federal Form 8825 line 18a 8a a Tax exempt interest $ Assets (a) (b) (c) (d) b Adjusted gain or loss 17b b Analysis (a) (b) Individual (c) (d) (e) (f) b Check this box if the LIFO inventory method was adopted this taxable year for any goods If checked attach federal Form 970 b Distribution of property other than money 19b b Enter the amount from all Schedule K 1s (565) Table 3 line 3 9b b Enter the California cost of goods sold from Form 568 Schedule B line 2 and from federal b Enter the cost of goods sold of disregarded entities associated with the receipts assigned to b Enter the LLC s distributive share of cost of goods sold from other pass through entities b Enter the total gross rents from all Schedule K 1s (565) Table 3 line 2 8b b Investment expenses 20b b Investment interest expense 13b I b Less accumulated amortization b Less accumulated depletion b Less accumulated depreciation I b Less allowance for bad debts b Less depreciation reported on Schedule A and elsewhere on return $ c Balance I 17c 00 b Less expenses Attach schedule 3b b Low income housing credit 15b b Other $ b Other tax exempt income 18b I b Property I b Total Loss under IRC Section 1231 (other than due to casualty or theft) 10b I b Total other income Attach schedule 11b b Travel and entertainment $ Beginning of taxable year End of taxable year c 1 Total expenditures to which IRC Section 59(e) election may apply 13c1 c Add line 8a and line 8b 8c c Add lines 9a and 9b 9c c Annual LLC tax $ c Credits other than the credit shown on line 15b related to rental real c Depletion (other than oil and gas) 17c c Do the rules of IRC Section 263A (with respect to property produced or acquired for resale) apply to the LLC? Yes No c Enter the LLC s distributive share of deductions from other pass through entities associated with c Net income (loss) from other rental activities Subtract line 3b c Nondeductible expenses 18c c Other information See instructions 20c c Total Add line 6a and line 6b I c Total Add line 7a and line 7b I c Total other loss Attach schedule 11c d Credits related to other rental activities Attach schedule 15d d Deductions related to portfolio income 13d d Gross income from oil gas and geothermal properties 17d d Other $ d Was there any change (other than for IRC Section 263A purposes) in determining quantities cost or valuations between opening described in Treas Reg Section 1 471 2(c) (4) Other Specify method used and attach explanation Distributive share items Amounts from California Total amounts using e Deductions allocable to oil gas and geothermal properties 17e e Nonconsenting nonresident members tax paid by LLC 15e e Other deductions Attach schedule 13e e Total Add line 4a through 4d I f Other alternative minimum tax items Attach schedule 17f f Other credits Attach schedule 15f I federal K (1065) adjustments California law Federal TIN/SSN g New Employment Credit 15g If Yes attach schedule of trusts and federal identification numbers If Yes complete Schedule EO Part I If Yes complete Schedule EO Part II K Is this LLC an investment partnership? See General Information O I Yes No L (1) Is this LLC apportioning or allocating income to California using Schedule R? I Yes No Liabilities and Capital M Was there a distribution of property or a transfer (for example by sale or death) of an LLC interest during the taxable year? I Yes No Members O (1) During this taxable year did another person or legal entity acquire control or majority ownership (more than a 50% interest) of this of members: Corporate i Active ii Passive Partnership Exempt Organization Nominee/Other LLC P (1) Does the LLC have any foreign (non U S ) nonresident members? I Yes No Q Are any members in this LLC also LLCs or partnerships? I Yes No R Is this LLC under audit by the IRS or has it been audited in a prior year? I Yes No Return filed with the FTB by the Owner S Is this LLC a member or partner in another multiple member LLC or partnership? I Yes No T Is this LLC a publicly traded partnership as defined in IRC Section 469(k)(2)? Yes No TAXABLE YEAR U (1) Is this LLC a business entity disregarded for tax purposes? I Yes No V Has the LLC included a Reportable Transaction or Listed Transaction within this return? W Did this LLC file the Federal Schedule M 3 (federal Form 1065)? I Yes No Y Does the LLC have a beneficial interest in a trust or is it a grantor of a Trust? I Yes No Z Does this LLC own an interest in a business entity disregarded for tax purposes? Yes No (continued from Side 2) (continued on Side 3) (i e land buildings) leased such property for a term of 35 years or more or leased such property from a government (m m / d d / y y y y) See instructions (See instructions for definitions) If Yes complete and attach federal Form 8886 for each transaction I Yes No (see instructions) (see instructions) I Installment Sale I IRC 1031 I IRC 1033 I Other 1 Balance at beginning of year 1 Inventory at beginning of year 1 00 1 Net income (loss) per books 10 a Depletable assets 10 a Total Gain under IRC Section 1231 (other than due to casualty or theft) 10a I 10 California interest Enter the amount from Form 568 Schedule K line 5 10 10 Tax and fee due If line 5 is more than line 9 subtract line 9 from line 5 I 10 00 11 a Other portfolio income (loss) Attach schedule 11a 11 California dividends Enter the amount from Form 568 Schedule K line 6 11 11 Land (net of any amortization) I 11 Overpayment If line 9 is more than line 5 subtract line 5 from line 9 I 11 00 12 a Intangible assets (amortizable only) 12 Amount of line 11 to be credited to 2015 tax or fee I 12 00 12 California royalties Enter the amount from Form 568 Schedule K line 7 12 12 Expense deduction for recovery property (IRC Section 179) Attach schedule 12 13 a Charitable contributions See instructions Attach schedule 13a 13 California capital gains Enter the capital gains (not losses) included in the amounts from Form 568 13 Other assets Attach schedule I 13 Use Tax See instructions I 13 00 14 California 1231 gains Enter the amount of total gains (not losses) from Form 568 Schedule K line 10a 14 14 Refund If the total of line 12 and line 13 is less than line 11; subtract the total from line 11 I 14 14 Total assets 15 a Withholding on LLC allocated to all members 15a 15 Accounts payable I 15 Other California portfolio income (not loss) Enter the amount from Form 568 Schedule K line 11a 15 15 Penalties and interest See instructions I 15 00 16 Mortgages notes bonds payable in less than 1 year I 16 Other California income (not loss) not included in line 5 Enter the amount from Form 568 Schedule K line 11b 16 16 Total amount due Add line 10 line 12 line 13 and line 15 then subtract line 11 from the result 16 17 a Depreciation adjustment on property placed in service after 1986 17a 17 Other current liabilities Attach schedule 17 Total California income Add lines 7 8c 9c 10 11 12 13 14 15 and 16 Line 17 may not be a negative number 18 a Tax exempt interest income 18a 18 All nonrecourse loans I 19 a Distributions of money (cash and marketable securities) 19a 19 Mortgages notes bonds payable in 1 year or more I 2 Capital contributed during year 2 Income included on Schedule K line 1 through 2 Purchases less cost of items withdrawn for personal use 2 00 20 a Investment income 20a 20 Other liabilities Attach schedule I 21 a Total distributive income/payment items Combine lines 1 2 and 3c through 11c 21 Members capital accounts I 22 Total liabilities and capital 3 Cost of labor 3 00 3 Guaranteed payments (other than health insurance) 3 Net income (loss) per books 3671143 3672143 3673143 3674143 3675143 3676143 3677143 4 Additional IRC Section 263A costs Attach schedule 4 00 4 Expenses recorded on books this year not included 4 Other increases Itemize I 5 Other costs Attach schedule 5 00 5 Total of line 1 through line 4 5 Total of line 1 through line 4e 6 Distributions: a Cash I 6 Income recorded on books this year not included 6 Total Add line 1 through line 5 6 00 7 Deductions included on Schedule K line 1 through 7 Inventory at end of year 7 00 7 Other decreases Itemize I 8 Cost of goods sold Subtract line 7 from line 6 Enter here and on Schedule B line 2 8 00 8 Total Add line 6c and line 7c 8 Total of line 6 and line 7 9 a Check all methods used for valuing closing inventory: 9 Balance at end of year Subtract line 8 from line 5 9 Income (loss) (Schedule K line 21a) Subtract AA Is any member of the LLC related (as defined in IRC Section 267(c)(4)) to any other member of the LLC? I Yes No Additional Information B FEIN agency for any term? I Yes No Alternative Minimum Tax (AMT) Items Amount of liquidation gains recognized to capitalize the LLC Amount withheld by this amounts 4 Analysis and address and closing inventory? If Yes attach explanation Yes No any payment as may be required by the Franchise Tax Board associated with the receipt assigned to California on line 3a (see Schedule K 1s (565) b Other $ BB Is any member of the LLC a trust for the benefit of any person related (as defined in IRC Section 267(c)(4)) but do not staple CALIFORNIA FORM California on line 2a 2b California on lines 1a and 4 1b California Schedule K 1 (568) for each of these members I Caution: Include only trade or business income and expenses on line 1a through line 22 below See the instructions for more information CC (1) Is the LLC deferring any income from the disposition of assets? (see instructions) I Yes No Check if City (If the LLC has a foreign address see instructions ) State ZIP Code D Principal product or service (same as federal) Complete Schedule IW LLC Income Worksheet (on Side 7) first to determine Line 1 Credits credits or credit carryovers attributable to the disregarded entity? I Yes No DD Is the LLC reporting previously deferred Income from: Deductions disregarded entity that is not included in lines 1 and 8 through 16 2a Distributive E Check accounting method F Date business started in CA G Enter total assets at end of year EE (1) Did this LLC generate a New Employment Credit? I Yes No Enclose Enter here and on Form 568 Side 1 Line 1 If less than zero enter 0 17 Enter your California income amounts on the worksheet All amounts entered must be assigned for California law differences Use only amounts that are from Entity identification number(s) FEIN SSN or ITIN Corporation CA SOS entity that owned California real property (i e land buildings) leased such property for a term of 35 years or more estate activities Attach schedule 15c FEIN/CA Corp no /CA SOS File no FF Doing business as name See instructions: I filed with the FTB and/or IRS (see instructions): Firm s name (or yours For calendar year 2014 or fiscal year beginning and ending For Privacy Notice get FTB 1131 ENG/SP Foreign Country Name Foreign Province/State/County Foreign Postal Code Form 568 C1 2014 Side 1 Form 568 C1 2014 Side 5 from line 3a 3c I from property tax reassessment under Revenue and Taxation Code Section 62(a)(2) and it was not reported on a From the result subtract the sum of lines 12 through 13e 21a I GG (1) Has this LLC operated as another entity type such as a corporation S corporation General Partnership H Check the applicable box I Principal business activity code (same as federal) HH (1) Has this LLC previously operated outside California? I Yes No if self employed) Income Income (Loss) is entered beginning with line 1a If the single member LLC (SMLLC) does not meet the 3 million criteria for filing Schedule B (568) and Schedule K (568) the Itemize: J Enter the maximum number of members in the LLC at any time during the year For multiple member LLCs attach a Limited Liability Company Limited liability company name (type or print) A California Secretary of State (SOS) file number Limited Partnership or Sole Proprietorship in the previous five (5) years? I Yes No line 11c not recorded on books this year Itemize I line 13e not charged against book income this year line 8 from line 5 LLC on this member LLC or any legal entity in which the LLC holds a controlling or majority interest that owned California real property May the FTB discuss this return with the preparer shown above (see instructions)? Yes No Member s Member s Consent Statement: I consent to the jurisdiction of the State of California to tax my LLC income and agree to file returns and pay tax Member s name Name of entity liquidated (if more than one attach a schedule) net tax due of officer Officer s email address (optional) on Schedule K line 1 through line 11c Itemize: on Schedule K line 1 through line 13e Itemize: or FEIN or leased such property from a government agency for any term? I Yes No Other Information preparer s previous year s tax return? I Yes No reported on Form 592 B Return of Income Schedule A Cost of Goods Sold Schedule B Income and Deductions Schedule F (Form 1040) (plus California adjustments) associated with the receipts assigned to Schedule IW by entering the California amounts attributable to the disregarded entity from the member s federal Schedule B C E F (Form 1040) or additional Schedule IW instructions to assign the correct amounts to California If the LLC is wholly within California the total income amount is assigned to California and Schedule IW Limited Liability Company (LLC) Income Worksheet Schedule K lines 8 and 9 13 Schedule K Members Shares of Income Deductions Credits etc Schedule L Balance Sheets See the instructions for Schedule L before completing Schedule M 1 Reconciliation of Income (Loss) per Books With Income (Loss) per Return Use total amount under California law See instructions Schedule M 2 Analysis of Members Capital Accounts Use California amounts Schedule O Amounts from Liquidation used to Capitalize a Limited Liability Company (Complete only if initial return box is checked on Side 1 Question H ) Schedule T Nonconsenting Nonresident Members Tax Liability Attach additional sheets if necessary schedules associated with other activities Do not enter amounts on this worksheet that have already been reported by another LLC to determine its fee Schedules L M 1 and M 2 See instructions on page 14 of the Form 568 Booklet for more information on how to complete Schedule IW self employed share of income Side 2 Form 568 C1 2014 Side 4 Form 568 C1 2014 Signature Signature Date Title Single Member LLC Information and Consent Complete only if the LLC is disregarded SMLLC is still required to complete Schedule IW Disregarded entities that do not meet the filing requirements to complete Schedule B or Schedule K should prepare Sole Owner s name (as shown on owner s return) sources derived from or attributable to California when completing lines 1 17 of this worksheet If your business is both within and outside of California see SSN ITIN Street Address (suite room PO Box) PMB no C Principal business activity name (same as federal) Street Address City State and ZIP Code Table 3 line 1a) 3b Telephone the LLC s total income from all sources? Yes No the receipt assigned to California on line 3a (see Schedule K 1s (565) Table 3 line 1b) 3c to any other member? I Yes No total tax due Total the amount of tax due Enter the total here and on Side 1 line 4 If less than zero enter 0 transactions after an interest in California real property (i e land buildings) was transferred to it that was excluded true correct and complete Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge Type of entity: (1) C Corporation (2) S Corporation (3) Partnership (4) Limited Partnership (5) Sole Proprietor (6) Farmer 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 Use Only Whole dollars only X Is this LLC a direct owner of an entity that filed a federal Schedule M 3? I Yes No