2011 California Code
Revenue and Taxation Code
DIVISION 2. OTHER TAXES [6001 - 60708]
ARTICLE 1. Deductions
Section 24360
In the case of any bond, as defined in Section 24363, the following rules shall apply to the amortizable bond premium (determined under Section 24361 on the bond):
(a) In the case of a bond, the amount of the amortizable bond premium for the taxable year shall be allowed as a deduction.
(b) In the case of any bond the interest on which is excludable from gross income under Chapter 3 (commencing with Section 23501), no deduction shall be allowed for the amortizable bond premium for the taxable year.
(Amended by Stats. 2000, Ch. 862, Sec. 147. Effective January 1, 2001.)
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