1117: Request to Terminate Water's-Edge Election (2024)
California · FTB · Used for tax years 2024
California Form 1117 requests approval to terminate a corporation’s water’s-edge election. It lists the election’s beginning date, the requested termination effective date, the basis for the request, and the taxpayers requesting termination.
Who files this form
Form 1117 is for corporations requesting to terminate a water’s-edge election. Part III asks you to list each taxpayer requesting termination.
What you'll need
Have the following information ready:
- Corporation name as shown on the original water’s-edge tax return, key California corporation number, and address.
- The taxable year ending date when the requested termination would take effect and the beginning date of the water’s-edge election.
- An explanation of the basis for requesting termination.
- Each requesting taxpayer’s name, California corporation number, and FEIN.
- The signing officer’s title and a contact person’s name and telephone number.
Attach additional sheets if needed for your explanation or taxpayer list.
How to file
- Fill out the form completely, including the corporation’s identifying information.
- Complete Part I with both dates in mm/dd/yyyy format.
- Explain the basis for the termination request in Part II and list the requesting taxpayers in Part III.
- Have an officer sign and date the form, enter their title, and provide the contact person’s name and telephone number.
- File Form 1117 separately from the tax return.
The provided form does not give a mailing address or e-filing directions. Do not change the method of filing until the Franchise Tax Board has approved the request.
Common mistakes
- Leaving the form incomplete. The form directs you to fill it out completely.
- Filing Form 1117 with the tax return. It must be filed separately.
- Changing the method of filing before the Franchise Tax Board approves the request. The form specifically warns against this.
Questions people ask
Which dates do I enter in Part I?
Enter the taxable year ending date when the requested termination would take effect and the beginning date of the water’s-edge election. Use mm/dd/yyyy format for both.
Can I attach extra pages?
Yes. You may attach additional sheets for the explanation in Part II and the taxpayer list in Part III if necessary.
Who signs the form?
An officer signs the form and provides their title and the date. The signature declaration covers the form and accompanying schedules and statements.
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 has approved the request.