Is Cal. Rev. & Tax. Code § 24990.4 — Capital Gains and Losses still in force?

Statute · California Revenue and Taxation Code

Cal. Rev. & Tax. Code § 24990.4 — Capital Gains and Losses

Cal. Rev. & Tax. Code § 24990.4

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, 1997:

Citator

Cal. Rev. & Tax. Code § 24990.4 — Capital Gains and Losses is in force in the current edition of the Code, and nothing recorded condemns it.

For taxable years beginning on or after January 1, 1997:

(a) Section 1237(a) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that the term “other than a corporation” in the material preceding Section 1237(a)(1) of the Internal Revenue Code shall instead mean “other than a C corporation.”

(b) Section 1237(a)(2)(A) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that an improvement shall be deemed to be made by the taxpayer if that improvement was made by an “S corporation” that included the taxpayer as a shareholder.