California Revenue and Taxation Code

§ 24357.8

RTC § 24357.8 Effective Aug 20, 1998Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)In the case of a qualified research contribution, the amount otherwise allowed as a deduction under Section 24357, shall be reduced by that amount of the reduction provided by Section 24357.1 which is no greater than the sum of the following:

(1)One-half of the amount computed pursuant to Section 24357.1 (computed without regard to this paragraph).

(2)The amount (if any) by which the charitable contribution deduction under this section for any qualified research contribution (computed by taking into account the amount determined by paragraph (1), but without regard to this paragraph) exceeds twice the basis of the property.

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Legislative history

Amended by Stats. 1998, Ch. 322, Sec. 82. Effective August 20, 1998.