California Revenue and Taxation Code

§ 24949.2

RTC § 24949.2 Effective Mar 20, 1984Div. 2 · Part 11 · Ch. 15 · Art. 3

Statute text

(a)For purposes of Sections 24943 through 24945, if real property (not including stock in trade or other property held primarily for sale) held for productive use in trade or business or for investment is (as a result of its seizure, requisition, or condemnation, or threat or imminence thereof) compulsorily or involuntarily converted, property of a like kind to be held either for productive use in trade or business or for investment shall be treated as property similar or related in service or use to the property so converted.

(b)(1) Subdivision (a) shall not apply to the purchase of stock in the acquisition of control of a corporation described in subdivision (a) of Section 24944.

(2)Subdivision (a) shall apply with respect to the compulsory or involuntary conversion of any real property only if the disposition of the converted property (within the meaning of subdivision (b) of Section 24943) occurs after December 31, 1960.

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Legislative history

Amended by Stats. 1984, Ch. 45, Sec. 16. Effective March 20, 1984.