California Revenue and Taxation Code

§ 17504

RTC § 17504 Effective Oct 6, 1993Div. 2 · Part 10 · Ch. 5

Statute text

(a)The provisions of Section 402 of the Internal Revenue Code, relating to taxability of beneficiaries of employees’ trusts, shall be modified as follows:

(1)The amendments and transitional rules made by Public Law 99-514 shall be applicable to this part for the same transactions and the same years as they are applicable for federal purposes, except as otherwise provided.

(2)The basis of any person in an employees’ trust shall include the amount of any contributions made prior to January 1, 1987, which were not allowed as a deduction under former Sections 17503 and 17513 (including predecessor Section 17524 repealed by Chapter 488 of the Statutes of 1983) relating to special limitations for self-employed individuals.

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Legislative history

Amended by Stats. 1993, Ch. 873, Sec. 18. Effective October 6, 1993.