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There are areas in which California and federal tax law are the same and areas where they differ. Which of the following is true about
There are areas in which California and federal tax law are the same and areas where they differ. Which of the following is true about California conformity and non-conformity? a. Miscellaneous itemized deductions subject to the 2 percent floor are suspended for federal tax purposes; California does not conform because California still allows these deductions. b. Federal and California law are the same in how they treat PPP loans; California conforms to the federal rule that some PPP loan expenses are deductible. c. California conforms to federal law in the threshold for medical expenses for AMT calculation purposes; both provide for a medical expense deduction for expenses in excess of 7.5 percent of AGI when calculating the AMT. d. Federal and California law both suspended the ยง1341 claim of right deduction. California conforms to
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