California Revenue and Taxation Code

§ 24901

RTC § 24901 Effective Jan 1, 1998Div. 2 · Part 11 · Ch. 15 · Art. 1

Statute text

(a)The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in Section 24911 for determining gain, and the loss shall be the excess of the adjusted basis provided in that section for determining loss over the amount realized.

(b)The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received. In determining the amount realized—

(1)There shall not be taken into account any amount received as reimbursement for real property taxes which are treated under Section 24346 as imposed on the purchaser, and

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Legislative history

Amended by Stats. 1997, Ch. 605, Sec. 99. Effective January 1, 1998.