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Example: In 2000, David's Toy, Inc., a Nevada S corporation, opens an office in California. Since the S corporation is doing business in both Nevada and California, it must file Form 100S (California S Corporation Franchise or Income Tax Return) and use Schedule R to apportion income between the two states.
An S corporation is taxed on its net income at a rate of 1.5 percent for California purposes. See tax rates table for complete list of tax rates. S corporations are not subject to income tax for federal income tax purposes.