California § 24990.4. 24990.4. (Amended by Stats. 2000, Ch. 862, Sec. 211.)

California Statutes

§ 24990.4. — 24990.4. (Amended by Stats. 2000, Ch. 862, Sec. 211.)

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. 4.5. ARTICLE 4.5. Capital Gains and Losses

For taxable years beginning on or after January 1, 1997:

(a)Section 1237(a) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that the term “other than a corporation” in the material preceding Section 1237(a)(1) of the Internal Revenue Code shall instead mean “other than a C corporation.”

(b)Section 1237(a)(2)(A) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that an improvement shall be deemed to be made by the taxpayer if that improvement was made by an “S corporation” that included the taxpayer as a shareholder.

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For taxable years beginning on or after January 1, 1997:
(a)
Section 1237(a) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that the term “other than a corporation” in the material preceding Section 1237(a)(1) of the Internal Revenue Code shall instead mean “other than a C corporation.”
(b)
Section 1237(a)(2)(A) of the Internal Revenue Code, relating to real property
subdivided for sale, is modified to provide that an improvement shall be deemed to be made by the taxpayer if that improvement was made by an “S corporation” that included the taxpayer as a shareholder.

California § 24990.4. (24990.4. (Amended by Stats. 2000, Ch. 862, Sec. 211.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.