§ 23201. — 23201. (Amended by Stats. 1977, Ch. 552.)

California § 23201.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 11.: PART 11. CORPORATION TAX LAW
• Ch. 2.: CHAPTER 2. The Corporation Franchise Tax
• Art. 3.5.: ARTICLE 3.5. Credit for Prepaid Tax

Text

(a)
In the case of a taxpayer whose tax for the first taxable year was computed under Sections 23222 to 23224, inclusive (or corresponding sections of prior laws), there shall be allowed as a credit against the tax for the taxable year of dissolution or withdrawal, the excess of the tax paid over the minimum tax for the first taxable year which constituted a full 12 months of doing business in this state and whose income has been included in the measure of tax of a succeeding taxable year.
(b)
Any credit previously allowed under this section or for a year in which the taxpayer ceased
doing business shall not be allowed again in computing a credit under this section.

Legislative History

Amended by Stats. 1977, Ch. 552.