§ 23702. — 23702. (Repealed and added by Stats. 2000, Ch. 252, Sec. 22.)

California § 23702.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 11.: PART 11. CORPORATION TAX LAW
• Ch. 4.: CHAPTER 4. Exempt Corporations
• Art. 1.: ARTICLE 1. Exemptions From This Part

Text

Section 502 of the Internal Revenue Code, relating to feeder organizations, shall apply, except as otherwise provided.
(a)
Exemption shall not be allowed to any organization on the basis that all of its profits are payable to another organization exempt from taxation under either Section 501 of the Internal Revenue Code or this article, if that business activity is being conducted by a separate organization.
(b)
The reference to
Section 501 of the Internal Revenue Code, relating to exemption, shall be modified to refer to Section 23701.
(c)
The reference to Sections 512 and 512(b)(3) of the Internal Revenue Code, relating to the exclusion of the deriving of rents from the definition of “trade or business,” shall be modified to refer to Section 23732.

Legislative History

Repealed and added by Stats. 2000, Ch. 252, Sec. 22. Effective January 1, 2001.