California Revenue and Taxation Code

§ 24652.5

RTC § 24652.5 Effective Aug 20, 1998Div. 2 · Part 11 · Ch. 13 · Art. 2

Statute text

(a)(1) Section 447(i)(3) of the Internal Revenue Code, relating to reduction in account if farming business contracts, shall not apply.

(2)Section 447(i)(4) of the Internal Revenue Code, relating to income inclusions, shall not apply.

(3)(A) No suspense account may be established under Section 447(i) of the Internal Revenue Code, relating to suspense account for family corporations, by any corporation required by Section 447 of the Internal Revenue Code, relating to method of accounting for corporations engaged in farming, to change its method of accounting for any income year ending after June 8, 1997.

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Legislative history

Amended (as added by Stats. 1998, Ch. 7) by Stats. 1998, Ch. 322, Sec. 89. Effective August 20, 1998.