California Revenue and Taxation Code

§ 24355.5

RTC § 24355.5 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)Section 197 of the Internal Revenue Code, relating to amortization of goodwill and certain other intangibles, shall apply, except as otherwise provided.

(b)(1) Section 13261(g) of the Revenue Reconciliation Act of 1993 (P.L. 103-66), relating to effective dates, shall apply, except as otherwise provided.

(2)(A) If a taxpayer has, at any time, made an election for federal purposes under Section 13261(g)(2) of the Revenue Reconciliation Act of 1993 (P.L. 103-66), relating to election to have amendments apply to property acquired after July 25, 1991, or Section 13261(g)(3) of that act, relating to elective binding contract exception, a separate election for state purposes shall not be allowed under paragraph (3) of subdivision (e) of Section 23051.5 and the federal election shall be binding for purposes of this part.

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Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 136. Effective January 1, 2001.