California Revenue and Taxation Code

§ 24416.1

RTC § 24416.1 Effective Oct 9, 2001Div. 2 · Part 11 · Ch. 7 · Art. 2

Statute text

(a)A qualified taxpayer, as defined in Section 24416.2, 24416.4, 24416.5, 24416.6, or 24416.7, may elect to take the deduction provided by Section 172 of the Internal Revenue Code, relating to the net operating loss deduction, as modified by Section 24416, in computing net income under Section 24341, with the following exceptions to Section 24416:

(1)Subdivision (a) of Section 24416, relating to years in which allowable losses are sustained, shall not be applicable.

(2)Subdivision (b) of Section 24416, relating to the 50-percent reduction of losses, shall not be applicable.

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Legislative history

Amended by Stats. 2001, Ch. 623, Sec. 5. Effective October 9, 2001.