§ 24347.12. — 24347.12. (Added by Stats. 2012, Ch. 284, Sec. 2.)

California § 24347.12.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 11.: PART 11. CORPORATION TAX LAW
• Ch. 7.: CHAPTER 7. Net Income
• Art. 1.: ARTICLE 1. Deductions

Text

(a)
Section 165(i) of the Internal Revenue Code shall be applicable to any losses sustained in the Counties of Los Angeles and San Bernardino as a result of the severe winds that occurred in November 2011.
(b)
For losses described in subdivision (a), the election under Section 165(i) of the Internal Revenue Code may be made on a return or amended return filed on or before the due date of the
return, determined with regard to extension, for the taxable year in which the disaster occurred.
(c)
Unless specifically provided otherwise, any law that suspends, defers, reduces, or otherwise diminishes the deduction of a net operating loss shall not apply to a net operating loss attributable to the loss described in subdivision (a).

Legislative History

Added by Stats. 2012, Ch. 284, Sec. 2. (SB 1544) Effective September 7, 2012.