Get the free 2002 Franchise or Income Tax Return — Water’s-Edge Filers

This form is used by California corporations that are filing a franchise or income tax return for the taxable year 2002, specifically for water’s-edge filers.

How to fill out 2002 franchise or income

How to fill out 2002 Franchise or Income Tax Return — Water’s-Edge Filers

1. Gather all necessary financial documents including income statements, balance sheets, and previous tax returns.
2. Obtain the 2002 Franchise or Income Tax Return form specifically designed for Water’s-Edge Filers.
3. Fill out the identification section with your business name, address, and federal tax identification number.
4. Report the income generated from your Water’s-Edge operations in the appropriate section of the form.
5. Calculate the deductions and credits applicable to your business and include them in the corresponding areas.
6. Complete any schedules or additional forms that are required based on your specific financial situation.
7. Review all entries for accuracy and ensure all required signatures are included.
8. Submit the completed return to the appropriate tax authority by the specified deadline.

Who needs 2002 Franchise or Income Tax Return — Water’s-Edge Filers?

1. Any business entity that operates as a Water's-Edge filer and has income subject to franchise tax for the 2002 tax year.
2. Corporations that have income derived from foreign sources and choose to use the Water's-Edge method for tax reporting.

People Also Ask about

What is Form 100S franchise tax board?

Form 100S is used if a corporation has elected to be a small business corporation (S corporation). All federal S corporations subject to California laws must file Form 100S and pay the greater of the minimum franchise tax or the 1.5% income or franchise tax. The tax rate for financial S corporations is 3.5%.

What is form 109 for California franchise tax?

Use Form 109, California Exempt Organization Business Income Tax Return, to figure the tax on the unrelated business income of the organization. Filing Form 109 does not replace the requirement to file Form 199, California Exempt Organization Annual Information Return, or FTB 199N.

Can CA Form 109 be filed electronically?

e-file Form 109 – For taxable years beginning on or after January 1, 2023, the FTB offers e-file for exempt organizations filing Form 109, California Exempt Organization Business Income Tax Return. Check with your software provider to see if they support exempt organization e-file.

What is the water's edge tax?

The Water's Edge tax policy enables multinational oil and gas corporations to avoid paying their fair share in taxes and by contrast penalizes local businesses. It now deprives California of an estimated $4 billion in annual revenue across all industries, putting climate and social programs in peril.

Can business tax returns be filed electronically?

Corporations, nonprofit (tax-exempt) organizations, partnerships, and limited liability companies can use Business e-file to file original and amended tax returns for this year and the prior two tax years.

How do I write a check to the Franchise Tax Board?

Using black or blue ink, make your check or money order payable to “Franchise Tax Board.” Do not send cash. Write your SSN or ITIN and “2024 FTB 3582” on the check or money order. Make all checks or money orders payable in U.S. dollars and drawn against a U.S. financial institution.

Can I fill out tax forms electronically?

Yes, you can file an original Form 1040 series tax return electronically using any filing status.

Can you electronically file a California amended return?

You can use e-file for these types of California tax returns: Original returns (this tax year and past two years) Amended returns (this tax year and past two years)

For pdfFiller’s FAQs

What is 2002 Franchise or Income Tax Return — Water’s-Edge Filers?

The 2002 Franchise or Income Tax Return — Water’s-Edge Filers is a tax document that specific corporations must file to report their income, deductions, and taxes owed to the state, while considering the effect of foreign operations on their overall tax obligation.

Who is required to file 2002 Franchise or Income Tax Return — Water’s-Edge Filers?

Corporations that qualify as Water’s-Edge Filers, typically those with substantial business interests both in the U.S. and overseas, are required to file this return.

How to fill out 2002 Franchise or Income Tax Return — Water’s-Edge Filers?

To fill out the return, corporations need to provide their financial information, including income, deductions, and credits, following the specific guidelines outlined in the form's instructions. Accurate computation of income from both domestic and foreign sources is essential.

What is the purpose of 2002 Franchise or Income Tax Return — Water’s-Edge Filers?

The purpose of the return is to ensure that corporations accurately report their taxable income while allowing them to benefit from tax regulations related to their foreign operations.

What information must be reported on 2002 Franchise or Income Tax Return — Water’s-Edge Filers?

The return must report total income, deductions, any applicable tax credits, and details regarding foreign income and operations, including apportionment factors that determine the taxable income attributable to the state.