§ 24685.5. — 24685.5. (Added by Stats. 2002, Ch. 35, Sec. 56.)

California § 24685.5.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 11.: PART 11. CORPORATION TAX LAW
• Ch. 13.: CHAPTER 13. Accounting Periods and Methods of Accounting
• Art. 4.: ARTICLE 4. Year of Deduction

Text

(a)
The amendment made by Section 7001(a) of the Internal Revenue Service Restructuring and Reform Act of 1998 (Public Law 105-206) to Section 404(a)(11) of the Internal Revenue Code, regarding determinations relating to deferred compensation, shall apply to taxable years beginning on or after January 1, 2002.
(b)
In the case of any taxpayer required by enactment of this section to change its method of accounting, for that taxpayer’s first taxable year beginning on or
after January 1, 2002, each of the following shall apply for purposes of this part, Part 10 (commencing with Section 17001), and Part 10.2 (commencing with Section 18401):
(1)
The change shall be treated as initiated by the taxpayer.
(2)
The change shall be treated as made with the consent of the Franchise Tax Board.
(3)
The net amount of the adjustments required to be taken into account by the taxpayer under Chapter 13 (commencing with Section 24631) shall be taken into account ratably over the three taxable year period beginning with that taxpayer’s first taxable year beginning on or after January 1, 2002.

Legislative History

Added by Stats. 2002, Ch. 35, Sec. 56. Effective May 8, 2002.