California Revenue and Taxation Code

§ 11925

RTC § 11925 Effective Jan 1, 2000Div. 2 · Part 6.7 · Ch. 3

Statute text

(a)In the case of any realty held by a partnership or other entity treated as a partnership for federal income tax purposes, no levy shall be imposed pursuant to this part by reason of any transfer of an interest in the partnership or other entity or otherwise, if both of the following occur:

(1)The partnership or other entity treated as a partnership is considered a continuing partnership within the meaning of Section 708 of the Internal Revenue Code of 1986.

(2)The continuing partnership or other entity treated as a partnership continues to hold the realty concerned.

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Legislative history

Amended by Stats. 1999, Ch. 75, Sec. 1. Effective January 1, 2000.