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California Capital Gains are computed on Form 540 Schedule D. The Federal Capital Gains are computed on Schedule D. If you compare these two Schedules, you will see where the data differs. Since your California and Federal answers are different, a California Schedule D should be prepared.
If you have a net gain, it would be treated as a Capital Gain; if you have a net loss, it would be treated as an ordinary loss. Ordinary losses would be reported on Form 4797 for Federal purposes. The California equivalent to the Federal Form 4797 is the Schedule D-1, Sales of Business Property. You may also need to compare these schedules.
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