California § 24451.1. 24451.1. (Added by Stats. 2019, Ch. 39, Sec. 28.)

California Statutes

§ 24451.1. — 24451.1. (Added by Stats. 2019, Ch. 39, Sec. 28.)

California § 24451.1.

JurisdictionCalifornia

Code RTCRevenue and Taxation Code - RTC

Div. 2.DIVISION 2. OTHER TAXES

Part 11.PART 11. CORPORATION TAX LAW

Ch. 8.CHAPTER 8. Corporate Distributions and Adjustments

This text of California § 24451.1. (24451.1. (Added by Stats. 2019, Ch. 39, Sec. 28.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Revenue and Taxation Code - RTC Code § 24451.1. (2026).

Text

(a)Notwithstanding paragraph (3) of subdivision (e) of Section 23051.5, if an election has been made by a taxpayer under Section 338 of the Internal Revenue Code, relating to certain stock purchases treated as asset acquisitions, or where a taxpayer is deemed to have made an election under Section 338(e) of the Internal Revenue Code, relating to deemed election where purchasing corporation acquires asset of target corporation, for federal income tax purposes, a separate election shall not be allowed under this part and the federal election shall be binding for purposes of this part, Part 10 (commencing with Section 17001), and Part 10.2 (commencing with Section 18401).

(b)Notwithstanding paragraph (3) of subdivision (e) of Section 23051.5, if an election has not been made by a taxp

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(a)
Notwithstanding paragraph (3) of subdivision (e) of Section 23051.5, if an election has been made by a taxpayer under Section 338 of the Internal Revenue Code, relating to certain stock purchases treated as asset acquisitions, or where a taxpayer is deemed to have made an election under Section 338(e) of the Internal Revenue Code, relating to deemed election where purchasing corporation acquires asset of target corporation, for federal income tax purposes, a separate
election shall not be allowed under this part and the federal election shall be binding for purposes of this part, Part 10 (commencing with Section 17001), and Part 10.2 (commencing with Section 18401).
(b)
Notwithstanding paragraph (3) of subdivision (e) of Section 23051.5, if an election has not been made by a taxpayer under Section 338 of the Internal Revenue Code, relating to certain stock purchases treated as asset acquisitions, or where a taxpayer has not been deemed to have made an election under Section 338(e) of the Internal Revenue Code, relating to deemed election where purchasing corporation acquires asset of target corporation, for federal income tax purposes, the taxpayer shall not make a separate state election with respect to Section 338 of the Internal Revenue Code, relating to certain stock purchases treated as asset acquisitions, under this part.
(c)
This
section shall apply to acquisitions made on or after the effective date of this section, except as provided in subdivision (d).
(d)
This section shall not apply in the case of an acquisition that is subject to a binding contract entered into before the effective date of this section and which remains binding at all times after that date.

Legislative History

Added by Stats. 2019, Ch. 39, Sec. 28. (AB 91) Effective July 1, 2019.

Nearby Sections

2

§ 24451.

24451. (Amended by Stats. 1993, Ch. 873, Sec. 40.)

§ 24451.1.

24451.1. (Added by Stats. 2019, Ch. 39, Sec. 28.)

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California § 24451.1., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/RTC/24451.1..