California Revenue and Taxation Code

§ 24952

RTC § 24952 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 15 · Art. 3

Statute text

(a)If—

(1)A sale of real property gives rise to indebtedness to the seller which is secured by the real property sold, and

(2)The seller of such property reacquires such property in partial or full satisfaction of such indebtedness, then, except as provided in subdivisions (b) and (d), no gain or loss shall result to the seller from such reacquisition, and no debt shall become worthless or partially worthless as a result of such reacquisition.

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Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 207. Effective January 1, 2001.