1115: Request for Consent for a Water's-Edge Re-Election (2024)
California · FTB · Used for tax years 2024
California Form 1115 requests Franchise Tax Board consent for a water’s-edge re-election. It records the last filed water’s-edge return’s taxable year ending date, the proposed re-election beginning date, the basis for the request, and the taxpayers requesting re-election.
Who files this form
California Form 1115 is used to request the Franchise Tax Board’s consent for a water’s-edge re-election. Part III asks you to list the taxpayers requesting the re-election.
What you'll need
Have the following information ready:
- Corporation name, key California corporation number, and address.
- Taxable year ending date of the taxpayer’s last filed water’s-edge tax return.
- Beginning date of the requested water’s-edge re-election.
- Explanation of the basis for the request.
- Name, California corporation number, and FEIN for each taxpayer requesting the re-election.
- Signing officer’s title and the contact person’s name and telephone number.
Attach additional sheets if needed for the explanation or taxpayer list.
How to file
Complete the entire form:
- Enter the corporation’s identifying information and address.
- In Part I, enter both dates in mm/dd/yyyy format.
- In Part II, explain the basis for requesting a water’s-edge re-election.
- In Part III, list the taxpayers requesting the re-election.
- Have an officer sign, enter their title, and date the form. Provide the contact person’s name and telephone number.
File Form 1115 separately from the tax return. Do not change the method of filing until the Franchise Tax Board approves the request.
Common mistakes
- Leaving the form incomplete. The form directs you to fill it out completely.
- Changing the filing method before approval. Wait until the Franchise Tax Board approves the request.
- Filing the form with the tax return. Form 1115 must be filed separately from the tax return.
Questions people ask
Which dates do I enter in Part I?
Enter the taxable year ending date of the taxpayer’s last filed water’s-edge tax return and the beginning date of the water’s-edge re-election. Use mm/dd/yyyy format.
What if I need more space?
You may attach additional sheets for the explanation in Part II or the taxpayer list in Part III.
Can I change my filing method as soon as I submit the request?
No. The form says not to change the method of filing until the Franchise Tax Board approves the request.
Who signs the form?
An officer signs and provides their title and the date. The signature statement attests to the belief that the re-election is permitted by law and declares, under penalties of perjury, that the form and accompanying schedules and statements are true, correct, and complete to the best of the signer’s knowledge.