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 § 24990.4.

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. 4.5.ARTICLE 4.5. Capital Gains and Losses

This text of California § 24990.4. (24990.4. (Amended by Stats. 2000, Ch. 862, Sec. 211.)) 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 § 24990.4. (2026).

Text

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.