California § 24965. 24965. (Added by Stats. 1961, Ch. 846.)

California Statutes

§ 24965. — 24965. (Added by Stats. 1961, Ch. 846.)

California § 24965.

JurisdictionCalifornia

Code RTCRevenue 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

This text of California § 24965. (24965. (Added by Stats. 1961, Ch. 846.)) 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 § 24965. (2026).

Text

In the case of a share of stock issued pursuant to Section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., Sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by Section 24343(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.

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In the case of a share of stock issued pursuant to Section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., Sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by Section 24343(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.

Legislative History

Added by Stats. 1961, Ch. 846.

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California § 24965., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/RTC/24965..