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California Law (Last Updated: March 4, 2014) |
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Revenue and Taxation Code - RTC |
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Division 2. OTHER TAXES |
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Part 11. CORPORATION TAX LAW |
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Chapter 7. Net Income |
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ARTICLE 1. Deductions |
Section 24357.3.
Latest version.
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For purposes of Section 24357, in determining the value of a remainder interest in real property, depreciation (computed on the straight line method) and depletion of such property shall be taken into account, and such value shall be discounted at a rate of 6 percent per annum, except that the Franchise Tax Board may prescribe a different rate.
(Added by Stats. 1971, 1st Ex. Sess., Ch. 1.)