California Revenue and Taxation Code

§ 21015.6

RTC § 21015.6 Effective Jan 1, 2003Div. 2 · Part 10.7

Statute text

(a)No levy may be made on the principal residence of any innocent investor or the proceeds from the sale or other transaction involving the principal residence of an innocent investor upon notification to the Franchise Tax Board that the residence is the principal residence of an innocent investor and substantiation of both of the following:

(1)The basis for that levy is an underpayment of any tax imposed under Part 10 (commencing with Section 17001) for any taxable year ending on or before December 31, 2000, that is attributable to an abusive tax shelter.

(2)The principal residence is owned by an innocent investor.

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Legislative history

Amended by Stats. 2002, Ch. 664, Sec. 207. Effective January 1, 2003.