California Revenue and Taxation Code

§ 17155

RTC § 17155 Effective Jan 1, 1999Div. 2 · Part 10 · Ch. 3 · Art. 3

Statute text

Gross income shall not include either of the following:

(a)(1) Any amount, including any interest or property, that is received as compensation in any taxable year by a taxpayer pursuant to the German Act Regulating Unresolved Property Claims, as amended (Gesetz zur Regelung offener Vermogensfragen).

(2)For purposes of this subdivision, the basis of any property received pursuant to the German Act Regulating Unresolved Property Claims shall be the fair market value of the property at the time of receipt by the taxpayer.

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Legislative history

Amended (as added by Stats. 1996, Ch. 29) by Stats. 1998, Ch. 962, Sec. 1. Effective January 1, 1999.