Help from California preparers

[pmedders]

Need some guidance regarding the enterprise zone tax incentives. I have a taxpayer who is the sole shareholder of an S-Corp, an electrial business. He purchased a warehouse in an enterprise zone as an individual and is leasing the warehouse to the S-Corp. That being said, would the S-Corp be eligible for any of the deductions? Also, if only he, as an individual taxpayer would be eligible, would the warehouse be eligible for the sales ur use tax credit (I don't think so, but wanted to have confirmation.) This is the first taxpayer I have had that has been in an enterprise zone.

Thanks for your help!!!

[Bird Legs]

Calif. tax expert

I am not one but suggest you go to the NATP web site then go to Find a Tax Pro
then type in CA. and find one. Get the tele. no. & call.
I have had great success in doing this when am needing some advice on a tax question.

[jainen]

various incentives

The various incentives are generally available for businesses operating in an enterprise zone. The specific qualifications for each incentive are explained in FTB Publication 1158 and the FTB 3805Z Booklet. Both can be downloaded at <http://www.taxsos.com/CaliforniaFTBtaxforms.htm>