California Revenue and Taxation Code

§ 24966

RTC § 24966 Effective Sep 26, 1990Div. 2 · Part 11 · Ch. 15 · Art. 4

Statute text

(a)The basis in stock purchased shall be reduced by the nontaxed portion of any extraordinary dividend received as provided in Section 1059 of the Internal Revenue Code, except as otherwise provided in this section.

(b)The reduction described in Section 1059(b)(2)(B) of the Internal Revenue Code shall be the amount determined under Section 24402.

(c)Reference to Section 301 of the Internal Revenue Code shall be reference to Sections 24451 to 24454, inclusive.

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Legislative history

Amended by Stats. 1990, Ch. 1349, Sec. 34.3. Effective September 26, 1990.