California Revenue and Taxation Code

§ 24320

RTC § 24320Div. 2 · Part 11 · Ch. 6 · Art. 3

Statute text

Income derived from the operation of aircraft or a ship or ships by a corporation organized under the laws of a foreign country shall not be included in gross income, and shall be exempt from the taxes imposed by this part if:

(a)The aircraft are registered or the ships are documented under the laws of the foreign country;

(b)The income of the corporation is exempt from national income taxes by reason of a treaty or agreement between such foreign country and the United States which provides for an equivalent exemption to corporations organized in the United States; and

…

Legislative history

Added by Stats. 1969, Ch. 1191.