§ 23202. — 23202. (Amended by Stats. 2006, Ch. 538, Sec. 626.)

California § 23202.

• 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 who has been a transferee in a reorganization to which Sections 23251 to 23254, inclusive, or corresponding sections of prior laws, were applicable, there shall be allowed as a credit for the taxable year of dissolution or withdrawal, the excess of the tax paid over the minimum tax paid by prior transferors or by the transferee as a transferor under Sections 23222 to 23224, inclusive, or corresponding sections of prior laws, for the first taxable year of the transferors that constituted a full 12 months of
doing business and whose income has been included in the measure of tax of a succeeding taxable year.
(b)
The credit allowable under this section shall be in addition to any credit that may be allowable to the taxpayer under Section 23201. However, any credit previously allowed under Section 23201, under this section, or for a year in which the taxpayer or transferor ceased doing business, shall not be allowed again in computing a credit under this section.

Legislative History

Amended by Stats. 2006, Ch. 538, Sec. 626. Effective January 1, 2007.