California FTB Releases Corporation Depreciation, Amortization Forms, Instructions

The California Franchise Tax Board Dec. 1 released Form 3885, Corporation Depreciation and Amortization, and Forms 3885F, 3885L, and 3885P, Depreciation and Amortization, with specific line instructions for corporate income, individual income, and trust income tax purposes. Depreciation is the annual deduction allowed to recover the cost or other basis of business or income-producing property with a determinable useful life of more than one year. Amortization is an amount deducted to recover the cost of certain capital expenses over a fixed period. The information also includes information on federal or state calculation differences. [Cal. Franchise Tax Bd., Forms 3885, 3885F, ...