Section 24427.

Latest version.

(a) Section 267 of the Internal Revenue Code, relating to losses, expenses, and interest with respect to transactions between related taxpayers, shall apply, except as otherwise provided.

(b) Section 267(f)(3) of the Internal Revenue Code, relating to loss deferral rules not to apply in certain cases, as amended by Section 306 of the Regulated Investment Company Modernization Act of 2010 (Public Law 111-325), shall apply, except as otherwise provided.

(c) The amendments made to this section by the act adding this subdivision shall apply to distributions on or after December 23, 2010.

(Amended by Stats. 2011, Ch. 490, Sec. 6. Effective October 6, 2011.)

                    
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