Go to Previous Versions
of
this Section
2024 California Code
Revenue and Taxation Code - RTC
DIVISION 2 - OTHER TAXES
PART 11 - CORPORATION TAX LAW
CHAPTER 15 - Gain or Loss on Disposition of Property
ARTICLE 3 - Nontaxable Exchanges
Section 24942.
Universal Citation:
CA Rev & Tax Code § 24942 (2024)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
24942. (a) No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of that corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in Section 1234B of the Internal Revenue Code, to buy or sell its stock (including treasury stock).
(b) For basis of property acquired by a corporation in certain exchanges for its stock, see Sections 24552 to 24554, inclusive.
(Amended by Stats. 2002, Ch. 35, Sec. 58. Effective May 8, 2002.)
Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
