§ 24964. — 24964. (Added by Stats. 1955, Ch. 938.)

California § 24964.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 11.: PART 11. CORPORATION TAX LAW
• Ch. 15.: CHAPTER 15. Gain or Loss on Disposition of Property
• Art. 4.: ARTICLE 4. Special Rules for Basis

Text

Whenever a taxpayer has realized gain or loss upon the receipt after January 1, 1928, at a time when it was subject to a tax under this part, of all or substantially all of the business or property of a taxpayer over which it exercised control within the meaning of Section 24564, and such gain or loss actually was not taken into account in the computation of taxes imposed by this part, the basis of the property or business acquired shall be the same as it was in the hands of the transferor.

Legislative History

Added by Stats. 1955, Ch. 938.