California Statutes
§ 23736.3. — 23736.3. (Amended by Stats. 2000, Ch. 862, Sec. 98.)
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. 2. ARTICLE 2. Taxation of Business Income of Certain Article 1 Organizations
An organization described in Section 23701n or Section 23701d, except as specified in Section 23736, shall be denied exemption under Section 23736.2 only for taxable years subsequent to the taxable years during which it is notified by the Franchise Tax Board that it has engaged in a prohibited transaction, unless such organization entered into such prohibited transaction with the purpose of diverting corpus or income of the organization from its exempt purposes, and such transaction involved a substantial part of the corpus or income of such
organization.
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California § 23736.3. (23736.3. (Amended by Stats. 2000, Ch. 862, Sec. 98.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2000, Ch. 862, Sec. 98. Effective January 1, 2001.