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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 24947.
Universal Citation:
CA Rev & Tax Code § 24947 (2024)
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24947. (a) Section 1033(b) of the Internal Revenue Code, relating to basis of property acquired through involuntary conversion, shall apply, except as otherwise provided.
(b) Section 1033(b)(1) of the Internal Revenue Code is modified by substituting “subdivision (a) of Section 24943” in lieu of “subsection (a)(1).”
(c) Section 1033(b)(2) of the Internal Revenue Code is modified by substituting “subdivision (b) of Section 24943” in lieu of “subsection (a)(2).”
(d) Section 1033(b)(3) of the Internal Revenue Code is modified by substituting “subdivision (b) of Section 24943” in lieu of “subsection (a)(2)(E).”
(Repealed and added by Stats. 1997, Ch. 611, Sec. 98. Effective October 3, 1997.)
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