Title RTC, California Rev. & Tax. Code

Notwithstanding any other law, for purposes of this part, the natural gas transmission line explosion on September 9, 2010, in San Bruno, California, shall be treated as a federally declared disaster within the meaning of Section 1033 of the Internal Revenue Code. (Added by Stats…

A deduction shall not be allowed for capital loss carrybacks provided by Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers. (Amended by Stats. 2015, Ch. 359, Sec. 18. (AB 154) Effective September 30, 2015. Applicable to taxable years be…

Section 1223 of the Internal Revenue Code, relating to holding period of property, is modified to additionally provide that in determining the period for which the taxpayer has held property the acquisition of which resulted under Section 18038.5 in the nonrecognition of any part…

For taxable years beginning on or after January 1, 2010, specific reference to Sections 1223(4) to (16), inclusive, of the Internal Revenue Code in this part shall instead be treated as a reference to Sections 1223(3) to (15), inclusive, of the Internal Revenue Code, respectively…

(a) Section 1245(a)(2)(C) of the Internal Revenue Code, relating to certain deductions treated as amortization, is modified to also refer to Sections 17252.5, 17265, and 17266. (b) Section 1245(b)(8) of the Internal Revenue Code, relating to disposition of amortizable Section 197…

Section 1250(b) of the Internal Revenue Code, relating to additional depreciation, is modified as follows: (a) “Depreciation adjustments,” as defined in Section 1250(b)(3) of the Internal Revenue Code, do not include the following: (1) For taxable years beginning on or after Janu…

Section 1250(a) of the Internal Revenue Code is modified as follows: (a) The date “December 31, 1970” is substituted for “July 24, 1969,” and “December 31, 1969.” (b) The date “January 1, 1971” is substituted for “January 1, 1970.” (c) The date “December 31, 1976” is substituted …

Section 1275(a)(3) of the Internal Revenue Code, relating to the definition of tax-exempt obligations, does not apply but instead the term “tax-exempt obligation” means an obligation the interest on which is exempt from tax under this part. (Amended by Stats. 2003, Ch. 185, Sec. …

Section 1272 of the Internal Revenue Code shall be modified as follows: (a) For taxable years beginning on or after January 1, 1987, and before the taxable year in which the debt obligation matures or is sold, exchanged, or otherwise disposed, the amount included in gross income …

(a) Section 7872 of the Internal Revenue Code, relating to treatment of loans with below market interest rates, shall apply, except as otherwise provided. (b) Section 7872(h) of the Internal Revenue Code, relating to exception for loans to qualified continuing care facilities, sh…

Part VI of Subchapter P of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to treatment of certain passive foreign investment companies, shall not apply. (Added by Stats. 2005, Ch. 691, Sec. 40.5. Effective October 7, 2005.)

(a) Subchapter I of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to natural resources, shall apply, except as otherwise provided. (b) For taxable years beginning on or after January 1, 2024, Section 613(b)(2)(B) of the Internal Revenue Code, in the case of oil s…