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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 4.5 - Capital Gains and Losses
Section 24990.5.

Universal Citation:
CA Rev & Tax Code § 24990.5 (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.
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24990.5. (a) Section 1201 of the Internal Revenue Code, relating to alternative tax for corporations, shall not be applicable.

(b)  The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows:

(1) Section 1212(a)(1)(A) of the Internal Revenue Code, relating to capital loss carrybacks, shall not apply.

(2) Section 1212(a)(4) of the Internal Revenue Code, relating to special rules on carrybacks, shall not apply.

(3) Sections 1212(b) and 1212(c) of the Internal Revenue Code, relating to other taxpayers and carryback of losses from Section 1256 contracts to offset prior gains from such contracts, respectively, shall not apply.

(Amended by Stats. 2015, Ch. 359, Sec. 40. (AB 154) Effective September 30, 2015. Applicable to taxable years beginning on or after January 1, 2015, as provided in Sec. 41 of Stats. 2015, Ch. 359.)

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