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Contra Costa California Form 1120-X: What You Should Know

X (name of entity) owns 80% of the capital stock of a corporation owned by the following: X Corporation.  This corporation has sales of 1 000 000 (7500) for its fiscal year 2017. This corporation uses 400 000 in taxable profits. Sales tax is applied at the rate of 1.45% of the taxable sales in excess of 1 000 000 for this year. Sales subject to taxation include (a) sales of wine and mixed beverages by Corporation X; (b) any sales of nonalcoholic beverages by Corporation X; (c) sales of alcoholic beverages by or for Corporation X after the effective date of this Section or before the effective date of this Section; (d) sales by any person whose gross receipts from the same sales of nonalcoholic beverages and alcoholic beverages do not exceed 1 000 000. This paragraph does not apply to sales by or for any person whose gross receipts from the same sales of nonalcoholic beverages or alcoholic beverages are 400 000 or more. This paragraph does not apply to sales by a person to a person for purposes of carrying on a trade, business, profession, or occupation if the total volume of sales of nonalcoholic beverages or alcoholic beverages by the person to the person exceeds 1 000 000. This paragraph also does not apply to sales to a person to the extent that no sales of alcohol would have been made on the date described in Example 8 if no gross receipts from the sales of nonalcoholic beverages or alcoholic beverages of such persons were to have been taken into account in computing gross receipts or taxable sales. For purposes of this Section the term “gross receipts” means the total receipts of all persons from purchases of or services rendered in relation to the purchase or consumption of goods or services. This paragraph does not, however, apply to sales on which a person is entitled to the provisions of Section 1602(b)(3). In general, sales of wine or mixed drinks by Corporation X will be assigned to California in the following manner: if there is a sales and use tax collection system in effect in California, the sales of wine or mixed drinks by Corporation X will be assigned to California.

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