California Law (Last Updated: March 4, 2014) |
Revenue and Taxation Code - RTC |
Division 2. OTHER TAXES |
Part 11. CORPORATION TAX LAW |
Chapter 15. Gain or Loss on Disposition of Property |
ARTICLE 2. Basis for Computation of Gain or Loss |
Section 24912.
Latest version.
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The basis of property shall be the cost of the property, except as otherwise provided in Chapter 8 (commencing with Section 24451), relating to corporate distributions and adjustments, and this chapter. The cost of real property shall not include any amount in respect of real property taxes which are treated under Section 24346 as imposed on a corporation.
(Amended by Stats. 1997, Ch. 605, Sec. 100. Effective January 1, 1998.)