Is Cal. Rev. & Tax. Code § 24347 — Deductions still in force?

Statute · California Revenue and Taxation Code

Cal. Rev. & Tax. Code § 24347 — Deductions

Cal. Rev. & Tax. Code § 24347

Type: Statute
Source: California Revenue and Taxation Code
Jurisdiction: California
Date: 2001-01-01
Current through: Nov 2, 2026 (California Legislative Counsel)

For taxable years beginning on or after January 1, 1990, all of the following shall apply:

Citator

Cal. Rev. & Tax. Code § 24347 — Deductions is in force in the current edition of the Code, and nothing recorded condemns it.

For taxable years beginning on or after January 1, 1990, all of the following shall apply:

(a) Section 165 of the Internal Revenue Code, relating to losses.

(b) Section 166 of the Internal Revenue Code, relating to bad debts, except that the deduction of a savings and loan association, bank or financial corporation shall be determined under Section 24348.

(c) (1) Section 582 of the Internal Revenue Code, relating to bad debts, losses, and gains with respect to securities held by financial institutions.

(2) Section 582(c)(2)(C) of the Internal Revenue Code, relating to limitations on foreign banks, but only to foreign corporations that have in effect for the taxable year a water’s edge election under Section 25110.