California Revenue and Taxation Code

§ 24353

RTC § 24353 Effective Sep 27, 1994Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the adjusted basis provided in Section 24911 for the purpose of determining the gain on the sale or other disposition of the property.

(b)If any property is acquired subject to a lease, each of the following shall apply:

(1)No portion of the adjusted basis shall be allocated to the leasehold interest.

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Legislative history

Amended by Stats. 1994, Ch. 861, Sec. 8. Effective September 27, 1994.