reglab/housing_qa huggingface dataset:
CA Rev & Tax Code § 24692 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 4 - Year of Deduction|Section 24692.

24692.  (a) Section 469 of the Internal Revenue Code, relating to passive activity losses and credits limited, shall apply, except as otherwise provided.(b) Section 469(c)(7) of the Internal Revenue Code, relating to special rules for taxpayers in real property business, shall not apply.(c) Section 469(d)(2) of the Internal Revenue Code, relating to passive activity credits, is modified to refer to the following credits:(1) The credit for research expenses allowed by Section 23609.(2) The credit for clinical testing expenses allowed by Section 23609.5.(3) The credit for low-income housing allowed by Section 23610.5.(4) The credit for certain wages paid (targeted jobs) allowed by Section 23621.(d) Section 469(g)(1)(A) of the Internal Revenue Code is modified to provide that if all gain or loss realized on the disposition of the taxpayer’s entire interest in any passive activity (or former passive activity) is recognized, the excess of—(1) The sum of—(A) Any loss from that activity for that taxable year (determined after application of Section 469(b) of the Internal Revenue Code), plus(B) Any loss realized on that disposition, over(2) Net income or gain for the taxable year from all passive activities (determined without regard to losses described in paragraph (1)), shall be treated as a loss which is not from a passive activity.(e) (1) For purposes of applying Section 469(i) of the Internal Revenue Code, relating to the twenty-five thousand dollars ($25,000) offset for rental real estate activities, the dollar limitation specified in Section 469(i)(2) of the Internal Revenue Code, relating to dollar limitation, for the credit allowed under Section 23610.5, relating to low-income housing, shall not apply.(2) The amendments made to this subdivision by the act adding this paragraph shall apply to each taxable year beginning on or after January 1, 2020.(f) Section 502 of the Tax Reform Act of 1986 (Public Law 99-514) shall apply.(g) For each taxable year beginning on or after January 1, 1987, Section 10212 of Public Law 100-203, relating to treatment of publicly traded partnerships under Section 469 of the Internal Revenue Code, shall apply, except as otherwise provided.(h) The amendments to Section 469(k) of the Internal Revenue Code made by Section 2004 of Public Law 100-647, relating to separate application of section in case of publicly traded partnerships, shall apply to each taxable year beginning on or after January 1, 1990, except as otherwise provided.(Amended by Stats. 2019, Ch. 159, Sec. 27. (AB 101) Effective July 31, 2019.)
CA Rev & Tax Code § 24693 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 4 - Year of Deduction|Section 24693.

24693.  (a) Section 468B of the Internal Revenue Code, relating to special rules for designated settlement funds, shall apply, except as otherwise provided.(b) Section 468B(b) of the Internal Revenue Code, which imposes a tax upon the designated settlement fund, shall be modified for purposes of this part to provide that a tax shall be imposed upon the gross income of the fund at a rate equal to the rate in effect for the taxable year under Section 23501. The income tax imposed upon the gross income of the fund by this section is in lieu of any other tax imposed by this part or Part 10 (commencing with Section 17001) upon or measured by that income.(Amended by Stats. 1993, Ch. 877, Sec. 73. Effective October 6, 1993.)
CA Rev & Tax Code § 24694 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 4 - Year of Deduction|Section 24694.

24694.  Section 470 of the Internal Revenue Code, relating to limitation on deductions allocable to property used by governments or other tax-exempt entities, shall apply, except as otherwise provided.(Added by Stats. 2005, Ch. 691, Sec. 71. Effective October 7, 2005.)
CA Rev & Tax Code § 24701 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 5 - Inventories|Section 24701.

24701.  (a) Section 471 of the Internal Revenue Code, relating to the general rule for inventories, shall apply, except as otherwise provided.(b) (1) For taxable years beginning on or after January 1, 2019, amendments made by Section 13102(c) of the Tax Cuts and Jobs Act (Public Law 115-97) to Section 471 of the Internal Revenue Code, relating to the general rule for inventories, shall apply, except as otherwise provided.(2) (A) Any change in method of accounting made pursuant to this subdivision shall be treated for purposes of applying Section 24721, as initiated by the taxpayer and made with the consent of the Franchise Tax Board.(B) Section 13102(e)(1) of the Tax Cuts and Jobs Act (Public Law 115-97) does not apply to this subdivision.(C) Notwithstanding subparagraph (B), a taxpayer may elect to apply the provisions of this subdivision to taxable years beginning on or after January 1, 2018, and before January 1, 2019.(c) Section 472 of the Internal Revenue Code, relating to last-in, first-out inventories, shall apply, except as otherwise provided.(Amended by Stats. 2019, Ch. 39, Sec. 33. (AB 91) Effective July 1, 2019.)
CA Rev & Tax Code § 24708 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 5 - Inventories|Section 24708.

24708.  Section 474 of the Internal Revenue Code, relating to simplified dollar-value LIFO method for certain small businesses, shall apply, except as otherwise provided.(Amended by Stats. 1993, Ch. 877, Sec. 75. Effective October 6, 1993.)
CA Rev & Tax Code § 24721 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 6 - Adjustments Required by Changes in Method|Section 24721.

24721.  Section 481 of the Internal Revenue Code, relating to adjustments required by changes in method of accounting, shall apply, except as otherwise provided.(Amended by Stats. 1993, Ch. 877, Sec. 76. Effective October 6, 1993.)
CA Rev & Tax Code § 24725 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 6 - Adjustments Required by Changes in Method|Section 24725.

24725.  The provisions of Section 482 of the Internal Revenue Code, relating to allocation of income and deductions among taxpayers, shall be applicable, except as provided in Article 1.5 (commencing with Section 25110) of Chapter 17.(Amended by Stats. 1992, Ch. 1295, Sec. 35. Effective January 1, 1993.)
CA Rev & Tax Code § 24726 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 13 - Accounting Periods and Methods of Accounting|ARTICLE 6 - Adjustments Required by Changes in Method|Section 24726.

24726.  Section 483 of the Internal Revenue Code, relating to interest on certain deferred payments, shall apply, except as otherwise provided.(Amended by Stats. 1993, Ch. 877, Sec. 77. Effective October 6, 1993.)
CA Rev & Tax Code § 24901 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 1 - Computation of Gain or Loss|Section 24901.

24901.  (a) The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in Section 24911 for determining gain, and the loss shall be the excess of the adjusted basis provided in that section for determining loss over the amount realized.(b) The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received. In determining the amount realized—(1) There shall not be taken into account any amount received as reimbursement for real property taxes which are treated under Section 24346 as imposed on the purchaser, and(2) There shall be taken into account amounts representing real property taxes which are treated under Section 24346 as imposed on the corporation if those taxes are to be paid by the purchaser.(c) In the case of a sale or exchange of property, the extent to which the gain or loss determined under this section shall be recognized for purposes of this part shall be determined under Section 24902.(d) Nothing in this section shall be construed to prevent (in the case of property sold under contract providing for payment in installments) the taxation of that portion of any installment payment representing gain or profit in the year in which that payment is received.(e) (1) In determining gain or loss from the sale or other disposition of a term interest in property, that portion of the adjusted basis of that interest which is determined pursuant to Sections 24914 and 24915 (to the extent that the adjusted basis is a portion of the entire adjusted basis of the property) shall be disregarded.(2) For purposes of paragraph (1), the term “term interest in property” means—(A) A life interest in property,(B) An interest in property for a term of years, or(C) An income interest in a trust.(3) Paragraph (1) shall not apply to a sale or other disposition which is a part of a transaction in which the entire interest in property is transferred to any person or persons.(Amended by Stats. 1997, Ch. 605, Sec. 99. Effective January 1, 1998.)
CA Rev & Tax Code § 24902 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 1 - Computation of Gain or Loss|Section 24902.

24902.  Except as otherwise provided in this part, on the sale or exchange of property the entire amount of the gain or loss, determined under Section 24901, shall be recognized.(Added by Stats. 1955, Ch. 938.)
CA Rev & Tax Code § 24905 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 1 - Computation of Gain or Loss|Section 24905.

24905.  (a) Section 988 of the Internal Revenue Code, relating to treatment of certain foreign currency transactions, shall apply, except as otherwise provided.(b) Section 988(a)(3) of the Internal Revenue Code, relating to source, shall not apply.(Amended by Stats. 1993, Ch. 877, Sec. 79. Effective October 6, 1993.)
CA Rev & Tax Code § 24905.5 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 1 - Computation of Gain or Loss|Section 24905.5.

24905.5.  For each taxable year beginning on or after January 1, 1997, the amendments made to Section 988 of the Internal Revenue Code by Section 13223 of the Revenue Reconciliation Act of 1993 (P.L. 103-66), relating to mark to market accounting method for securities dealers, shall apply.(Amended by Stats. 2000, Ch. 862, Sec. 199. Effective January 1, 2001.)
CA Rev & Tax Code § 24911 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24911.

24911.  (a) The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis (determined under Section 24912) or other applicable sections of Chapter 15 (relating to gain or loss on disposition of property) and Chapter 8 (relating to corporate distributions and adjustments), adjusted as provided in Sections 24916 and 24917. (b) If a deduction is allowable under Section 24357 (relating to charitable contributions) by reason of a sale, then the adjusted basis for determining the gain from such sale shall be that portion of the adjusted basis which bears the same ratio to the adjusted basis as the amount realized bears to the fair market value of the property.(Amended by Stats. 1971, 1st Ex. Sess., Ch. 1.)
CA Rev & Tax Code § 24912 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24912.

24912.  The basis of property shall be the cost of the property, except as otherwise provided in Chapter 8 (commencing with Section 24451), relating to corporate distributions and adjustments, and this chapter. The cost of real property shall not include any amount in respect of real property taxes which are treated under Section 24346 as imposed on a corporation.(Amended by Stats. 1997, Ch. 605, Sec. 100. Effective January 1, 1998.)
CA Rev & Tax Code § 24913 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24913.

24913.  If the property should have been included in the last inventory, the basis shall be the last inventory value thereof.(Added by Stats. 1955, Ch. 938.)
CA Rev & Tax Code § 24914 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24914.

24914.  (a) If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift, except that if such basis (adjusted for the period before the date of the gift as provided in Sections 24916 and 24917) is greater than the fair market value of the property at the time of the gift, then for the purpose of determining loss the basis shall be such fair market value. If the facts necessary to determine the basis in the hands of the donor or the last preceding owner are unknown to the donee, the Franchise Tax Board shall, if possible, obtain such facts from such donor or last preceding owner, or any other person cognizant thereof. If the Franchise Tax Board finds it impossible to obtain such facts, the basis in the hands of such donor or last preceding owner shall be the fair market value of such property as found by the Franchise Tax Board as of the date or approximate date at which, according to the best information that the Franchise Tax Board is able to obtain, such property was acquired by such donor or last preceding owner.(b) If the property was acquired after December 31, 1920, by a transfer in trust (other than by a transfer in trust by a gift, bequest, or devise), the basis shall be the same as it would be in the hands of the grantor increased in the amount of gain or decreased in the amount of loss recognized to the grantor on such transfer under the law applicable to the year in which the transfer was made. (Added by Stats. 1955, Ch. 938.)
CA Rev & Tax Code § 24915 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24915.

24915.  (a) If—(1) The property is acquired by gift on or after the date of the enactment of this section, the basis shall be the basis determined under Section 24914, increased (but not above the fair market value of the property at the time of the gift) by the amount of federal gift tax paid with respect to such gift, or(2) The property was acquired by gift before the date of the enactment of this section and has not been sold, exchanged, or otherwise disposed of before such date, the basis of the property shall be increased on such date by the amount of federal gift tax paid with respect to such gift, but such increase shall not exceed an amount equal to the amount by which the fair market value of the property at the time of the gift exceeded the basis of the property in the hands of the donor at the time of the gift.(b) For purposes of subsection (a), the amount of federal gift tax paid with respect to any gift is an amount which bears the same ratio to the amount of gift tax paid under Chapter 12 of Subtitle B of the Internal Revenue Code of 1954 with respect to all gifts made by the donor for the calendar year in which such gift is made as the amount of such gift bears to the taxable gifts (as defined in Section 2503(a) of the Internal Revenue Code of 1954 but computed without the deduction allowed by Section 2521 of the Internal Revenue Code of 1954) made by the donor during such calendar year. For purposes of the preceding sentence, the amount of any gift shall be the amount included with respect to such gift in determining (for the purposes of Section 2503(a) of the Internal Revenue Code of 1954) the total amount of gifts made during the calendar year, reduced by the amount of any deduction allowed with respect to such gift under Section 2522 of the Internal Revenue Code of 1954 (relating to charitable deduction) or under Section 2523 of the Internal Revenue Code of 1954 (relating to marital deduction).(c) For purposes of subsection (a), where the donor and his spouse elected, under Section 2513 of the Internal Revenue Code of 1954 to have the gift considered as made one-half by each, the amount of gift tax paid with respect to such gift under Chapter 12 of Subtitle B of the Internal Revenue Code of 1954 shall be the sum of the amounts of tax paid with respect to each half of such gift (computed in the manner provided in subsection (b)).(d) For purposes of Section 24917, an increase in basis under subsection (a) shall be treated as an adjustment under Section 24916.(e) With respect to any property acquired by gift before 1955, references in this section to any provision of this part shall be deemed to refer to the corresponding provision of the Federal Internal Revenue Code of 1939 or prior revenue laws which was effective for the year in which such gift was made.(Added by Stats. 1961, Ch. 846.)
CA Rev & Tax Code § 24916.2 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24916.2.

24916.2.  Notwithstanding the provisions of Section 24916 no adjustment shall be made for (a) abandonment fees paid in respect of property on which the open-space easement is terminated under Section 51061 or 51093 of the Government Code or (b) tax recoupment fees paid under Section 51142 of the Government Code.(Amended by Stats. 1977, Ch. 853.)
CA Rev & Tax Code § 24917 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24917.

24917.  Whenever it appears that the basis of property in the hands of the corporation is a substituted basis, then the adjustments provided in Section 24916 shall be made after first making in respect of that substituted basis proper adjustments of a similar nature in respect of the period during which the property was held by the transferor, donor, or grantor, or during which the other property was held by the person for whom the basis is to be determined. A similar rule shall be applied in the case of a series of substituted bases.(Amended by Stats. 1997, Ch. 605, Sec. 102. Effective January 1, 1998.)
CA Rev & Tax Code § 24918 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24918.

24918.  (a) Section 1017 of the Internal Revenue Code, relating to discharge of indebtedness, shall apply, except as otherwise provided. References to affiliated groups which file a consolidated return under Section 1501 of the Internal Revenue Code shall be treated as meaning members of the same unitary group which file a combined report under Article 1 (commencing with Section 25101) of Chapter 17.(b) The amendments to Section 1017 of the Internal Revenue Code made by Section 13150 of the Revenue and Reconciliation Act of 1993 (Public Law 103-66), relating to modifications of discharge of indebtedness provisions, shall apply to discharges occurring on or after January 1, 1996, in taxable years beginning on or after January 1, 1996.(Amended by Stats. 2000, Ch. 862, Sec. 201. Effective January 1, 2001.)
CA Rev & Tax Code § 24919 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 2 - Basis for Computation of Gain or Loss|Section 24919.

24919.  Neither the basis nor the adjusted basis of any portion of real property shall, in the case of the lessor of such property, be increased or diminished on account of income derived by the lessor in respect of such property and excludable from gross income under Section 24309 (relating to improvements by lessee on lessor’s property). If an amount representing any part of the value of real property attributable to buildings erected or other improvements made by a lessee in respect of such property was included in gross income of the lessor for any taxable year beginning before January 1, 1942, the basis of each portion of such property shall be properly adjusted for the amount so included in gross income.(Added by Stats. 1955, Ch. 938.)
CA Rev & Tax Code § 24941 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 3 - Nontaxable Exchanges|Section 24941.

24941.  Section 1031 of the Internal Revenue Code, relating to exchange of property held for productive use or investment, shall apply, except as otherwise provided.(Amended by Stats. 1993, Ch. 877, Sec. 81. Effective October 6, 1993.)
CA Rev & Tax Code § 24941.5 (2021)
2021 California Code|Revenue and Taxation Code - RTC|DIVISION 2 - OTHER TAXES|PART 11 - CORPORATION TAX LAW|CHAPTER 15 - Gain or Loss on Disposition of Property|ARTICLE 3 - Nontaxable Exchanges|Section 24941.5.

24941.5.  (a) The amendments made by Section 13303(a) and (b) of the Tax Cuts and Jobs Act (Public Law 115-97) to Section 1031 of the Internal Revenue Code, relating to Exchange of real property held for productive use or investment, shall apply, subject to subdivision (b).(b) (1) This section shall apply to exchanges completed after January 10, 2019.(2) This section shall not apply to an exchange where the property to be disposed of by the taxpayer in the exchange is disposed of by that taxpayer on or before January 10, 2019, or where the property to be received by the taxpayer in the exchange is received by that taxpayer on or before January 10, 2019.(Repealed and added by Stats. 2019, Ch. 39, Sec. 35. (AB 91) Effective July 1, 2019.)