Is Cal. Rev. & Tax. Code § 24990.5 — Capital Gains and Losses still in force?

Statute · California Revenue and Taxation Code

Cal. Rev. & Tax. Code § 24990.5 — Capital Gains and Losses

Cal. Rev. & Tax. Code § 24990.5

Type: Statute
Source: California Revenue and Taxation Code
Jurisdiction: California
Date: 2025-10-01
Current through: Nov 2, 2026 (California Legislative Counsel)

The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows:

Citator

Cal. Rev. & Tax. Code § 24990.5 — Capital Gains and Losses is in force in the current edition of the Code, and nothing recorded condemns it.

The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows:

(a) Section 1212(a)(1)(A) of the Internal Revenue Code, relating to capital loss carrybacks, shall not apply.

(b) Section 1212(a)(4) of the Internal Revenue Code, relating to special rules on carrybacks, shall not apply.

(c) Sections 1212(b) and 1212(c) of the Internal Revenue Code, relating to other taxpayers and carryback of losses from Section 1256 contracts to offset prior gains from such contracts, respectively, shall not apply.