§ 17008.5. — 17008.5. (Amended by Stats. 2010, Ch. 14, Sec. 1.)

California § 17008.5.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 10.: PART 10. PERSONAL INCOME TAX
• Ch. 1.: CHAPTER 1. General Provisions and Definitions

Text

Section 7704 of the Internal Revenue Code, relating to certain publicly traded partnerships treated as corporations, shall apply, except as otherwise provided.
(a)
Section 7704(a) of the Internal Revenue Code shall not apply to an electing 1987 partnership, as defined in Section 23038.5, which is subject to the tax imposed by Section 23038.5.
(b)
The
amendment made to this section by Chapter 611 of the Statutes of 1997 shall apply to taxable years beginning on or after January 1, 1998.
(c)
Section 7704(d) of the Internal Revenue Code, relating to qualifying income, shall apply, except as otherwise provided, without regard to taxable year to the same extent as applicable for federal income tax purposes.
(d)
The amendment to this section by the act amending this subdivision shall apply to taxable years beginning on or after January 1, 2010.

Legislative History

Amended by Stats. 2010, Ch. 14, Sec. 1. (SB 401) Effective January 1, 2011. Applicable from January 1, 2010, as provided in subd. (d).