reglab/housing_qa huggingface dataset:
CA Rev & Tax Code § 24942 (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 24942.

24942.  (a) No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of that corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in Section 1234B of the Internal Revenue Code, to buy or sell its stock (including treasury stock).(b) For basis of property acquired by a corporation in certain exchanges for its stock, see Sections 24552 to 24554, inclusive.(Amended by Stats. 2002, Ch. 35, Sec. 58. Effective May 8, 2002.)
CA Rev & Tax Code § 24943 (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 24943.

24943.  If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily or involuntarily converted—(a) Into property similar or related in service or use to the property so converted, no gain shall be recognized.(b) Into money, and the disposition of the converted property occurred before January 1, 1953, no gain shall be recognized if such money is forthwith in good faith, under regulations prescribed by the Franchise Tax Board, expended in the acquisition of other property similar or related in service or use to the property so converted, or in the acquisition of control of a corporation owning such other property, or in the establishment of a replacement fund. If any part of the money is not so expended, the gain shall be recognized to the extent of the money which is not so expended (regardless of whether such money is received in one or more taxable years and regardless of whether or not the money which is not so expended constitutes gain). For purposes of this subsection and Section 24944, the term “disposition of the converted property” means the destruction, theft, seizure, requisition, or condemnation of the converted property, or the sale or exchange of such property under threat or imminence of requisition or condemnation.For purposes of this section and Section 24944, the term “control” means the ownership of stock possessing at least 80 percent of the total combined voting power of all classes of stock entitled to vote and at least 80 percent of the total number of shares of all other classes of stock of the corporation.(Amended by Stats. 2000, Ch. 862, Sec. 202. Effective January 1, 2001.)
CA Rev & Tax Code § 24944 (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 24944.

24944.  If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily or involuntarily converted into money or into property not similar or related in service or use to the converted property, and the disposition of the converted property (as defined in subdivision (b) of Section 24943) occurred after December 31, 1952, the gain (if any) shall be recognized except to the extent hereinafter provided in this section:(a) If the taxpayer during the period specified in subdivision (b), for the purpose of replacing the property so converted, purchases other property similar or related in service or use to the property so converted, or purchases stock in the acquisition of control of a corporation owning such other property, at the election of the taxpayer the gain shall be recognized only to the extent that the amount realized upon such conversion (regardless of whether such amount is received in one or more taxable years) exceeds the cost of such other property or such stock. Such election shall be made at such time and in such manner as the Franchise Tax Board may by regulations prescribe. For purposes of this subdivision—(1) No property or stock acquired before the disposition of the converted property shall be considered to have been acquired for the purpose of replacing such converted property unless held by the taxpayer on the date of such disposition; and(2) The taxpayer shall be considered to have purchased property or stock only if, but for the provisions of Section 24947, the unadjusted basis of such property or stock would be its cost within the meaning of Section 24912.(b) The period referred to in subdivision (a) shall be the period beginning with the date of the disposition of the converted property, or the earliest date of the threat or imminence of requisition or condemnation of the converted property, whichever is the earlier, and ending—(1) Two years after the close of the first taxable year in which any part of the gain upon the conversion is realized; or(2) Subject to such terms and conditions as may be specified by the Franchise Tax Board, at the close of such later date as the Franchise Tax Board may designate on application by the taxpayer. Such application shall be made at such time and in such manner as the Franchise Tax Board may by regulations prescribe.(c) For purposes of this section and Section 24943, replacement property “similar or related in service or use” shall include, in the case of a nonprofit water utility corporation, personal property used for the transmission or storage of water.(Amended by Stats. 2000, Ch. 862, Sec. 203. Effective January 1, 2001.)
CA Rev & Tax Code § 24945 (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 24945.

24945.  If a taxpayer has made the election provided in Section 24944(a), then—(a) The statutory period for the assessment of any deficiency, for any taxable year in which any part of the gain on such conversion is realized, attributable to such gain shall not expire prior to the expiration of four years from the date the Franchise Tax Board is notified by the taxpayer (in such manner as the Franchise Tax Board may by regulations prescribe) of the replacement of the converted property or of an intention not to replace; and(b) Such deficiency may be assessed before the expiration of such four-year period notwithstanding the provisions of any other law or rule of law which would otherwise prevent such assessment.(Amended by Stats. 2000, Ch. 862, Sec. 204. Effective January 1, 2001.)
CA Rev & Tax Code § 24946 (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 24946.

24946.  If the election provided in Section 24944(a) is made by the taxpayer and such other property or such stock was purchased before the beginning of the last taxable year in which any part of the gain upon such conversion is realized, any deficiency, to the extent resulting from such election, for any taxable year ending before such last taxable year may be assessed (notwithstanding the provisions of Section 19057 or the provisions of any other law or rule of law which would otherwise prevent such assessment) at any time before the expiration of the period within which a deficiency for such last taxable year may be assessed.(Amended by Stats. 2000, Ch. 862, Sec. 205. Effective January 1, 2001.)
CA Rev & Tax Code § 24947 (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 24947.

24947.  (a) Section 1033(b) of the Internal Revenue Code, relating to basis of property acquired through involuntary conversion, shall apply, except as otherwise provided.(b) Section 1033(b)(1) of the Internal Revenue Code is modified by substituting “subdivision (a) of Section 24943” in lieu of “subsection (a)(1).”(c) Section 1033(b)(2) of the Internal Revenue Code is modified by substituting “subdivision (b) of Section 24943” in lieu of “subsection (a)(2).”(d) Section 1033(b)(3) of the Internal Revenue Code is modified by substituting “subdivision (b) of Section 24943” in lieu of “subsection (a)(2)(E).”(Repealed and added by Stats. 1997, Ch. 611, Sec. 98. Effective October 3, 1997.)
CA Rev & Tax Code § 24948 (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 24948.

24948.  For purposes of this part, if property lying within an irrigation project is sold or otherwise disposed of in order to conform to the acreage limitation provisions of federal reclamation laws, such sale or disposition shall be treated as an involuntary conversion to which Sections 24943 to 24949, inclusive, apply.(Added by Stats. 1961, Ch. 846.)
CA Rev & Tax Code § 24949 (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 24949.

24949.  For purposes of this part, if livestock are destroyed by or on account of disease, or are sold or exchanged because of disease, such destruction or such sale or exchange shall be treated as an involuntary conversion to which Sections 24943 to 24949, inclusive, apply.(Added by Stats. 1961, Ch. 846.)
CA Rev & Tax Code § 24949.1 (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 24949.1.

24949.1.  (a) For purposes of this part, the sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of the number the taxpayer would sell if he or she followed his or her usual business practices shall be treated as an involuntary conversion to which Sections 24943 to 24949, inclusive, apply if the livestock are sold or exchanged by the taxpayer solely on account of drought, flood, or other weather-related conditions.(b) (1) In the case of drought, flood, or other weather-related conditions described in subdivision (a) that result in the area being designated as eligible for assistance by the federal government, subdivision (b) of Section 24944 shall be applied with respect to any converted property by substituting “four years” for “two years.”(2) The Franchise Tax Board may extend the period for replacement under Sections 24943 to 24949, inclusive (after the application of paragraph (1)), for the additional time as the Franchise Tax Board determines appropriate if the weather-related conditions that resulted in the application of paragraph (1) continue for more than three years.(Amended by Stats. 2005, Ch. 691, Sec. 74. Effective October 7, 2005.)
CA Rev & Tax Code § 24949.2 (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 3 - Nontaxable Exchanges|Section 24949.2.

24949.2.  (a) For purposes of Sections 24943 through 24945, if real property (not including stock in trade or other property held primarily for sale) held for productive use in trade or business or for investment is (as a result of its seizure, requisition, or condemnation, or threat or imminence thereof) compulsorily or involuntarily converted, property of a like kind to be held either for productive use in trade or business or for investment shall be treated as property similar or related in service or use to the property so converted.(b) (1) Subdivision (a) shall not apply to the purchase of stock in the acquisition of control of a corporation described in subdivision (a) of Section 24944. (2) Subdivision (a) shall apply with respect to the compulsory or involuntary conversion of any real property only if the disposition of the converted property (within the meaning of subdivision (b) of Section 24943) occurs after December 31, 1960.(c) (1) A taxpayer may elect, at such time and in such manner as the Franchise Tax Board may prescribe, to treat property which constitutes an outdoor advertising display as real property for purposes of this part with respect to which an election under Section 24356.2 (relating to election to expense certain depreciable business assets) is in effect.(2) An election made under paragraph (1) may not be revoked without the consent of the Franchise Tax Board.(3) For purposes of this subdivision, the term “outdoor advertising display” means a rigidly assembled sign, display, or device permanently affixed to the ground or permanently attached to a building or other inherently permanent structure constituting, or used for the display of, a commercial or other advertisement to the public.(4) For purposes of this subdivision, an interest in real property purchased as replacement property for a compulsorily or involuntarily converted outdoor advertising display defined in paragraph (3) (and treated by the taxpayer as real property) shall be considered property of a like kind as the property converted without regard to whether the taxpayer’s interest in the replacement property is the same kind of interest the taxpayer held in the converted property.(d) In the case of a compulsory or involuntary conversion described in subdivision (a), paragraph (1) of subdivision (b) of Section 24944 shall be applied by substituting “three years” for “two years.”(e) Subdivision (d) shall apply with respect to any disposition of converted property (within the meaning of Section 24944) after December 31, 1976.(Amended by Stats. 1984, Ch. 45, Sec. 16. Effective March 20, 1984.)
CA Rev & Tax Code § 24949.3 (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 24949.3.

24949.3.  For purposes of Sections 24943 through 24946, if, because of drought, flood, other weather-related conditions, or soil contamination or other environmental contamination, it is not feasible for the taxpayer to reinvest the proceeds from compulsorily or involuntarily converted livestock in property similar or related in use to the livestock so converted, other property (including real property in the case of soil contamination or other environmental contamination) used for farming purposes shall be treated as property similar or related in service or use to the livestock so converted.(Amended by Stats. 2005, Ch. 691, Sec. 75. Effective October 7, 2005.)
CA Rev & Tax Code § 24949.5 (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 24949.5.

24949.5.  (a) For purposes of Sections 24943 through 24946, Section 1033(h) of the Internal Revenue Code, relating to special rules for property damaged by federally declared disasters, shall apply, except as otherwise provided.(b) For purposes of Sections 24943 through 24946, Section 1033(i) of the Internal Revenue Code, relating to replacement property must be acquired from unrelated person in certain cases, shall apply, except as otherwise provided.(c) For purposes of Sections 24943 through 24946, Section 1033(j) of the Internal Revenue Code, relating to sales or exchanges to implement microwave relocation policy, shall apply, except as otherwise provided.(d) For purposes of Sections 24943 to 24946, inclusive, Section 1033(k) of the Internal Revenue Code, relating to sales or exchanges under certain hazard mitigation programs, shall apply, except as otherwise provided.(Amended by Stats. 2010, Ch. 14, Sec. 78. (SB 401) Effective January 1, 2011.)
CA Rev & Tax Code § 24950 (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 24950.

24950.  Section 1035 of the Internal Revenue Code, relating to certain exchanges of insurance policies, shall apply, except as otherwise provided.(Amended by Stats. 1993, Ch. 877, Sec. 82. Effective October 6, 1993.)
CA Rev & Tax Code § 24950.5 (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 24950.5.

24950.5.  The amendments made by Section 844 of the Pension Protection Act of 2006 (Public Law 109-280) to Section 1035 of the Internal Revenue Code shall not apply.(Added by Stats. 2010, Ch. 14, Sec. 79. (SB 401) Effective January 1, 2011.)
CA Rev & Tax Code § 24951 (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 24951.

24951.  Section 1036 of the Internal Revenue Code, relating to stock for stock of same corporation, shall apply, except as otherwise provided.(Amended by Stats. 1993, Ch. 877, Sec. 83. Effective October 6, 1993.)
CA Rev & Tax Code § 24953 (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 24953.

24953.  (a) If gain or loss from the exchange of property in this state of a taxpayer is not recognized under this part because of Section 1031 of the Internal Revenue Code, relating to exchange of property held for productive use or investment, for a taxable year and the property acquired in that exchange is located outside of this state, the taxpayer shall file an information return with the Franchise Tax Board for the taxable year of the exchange and for each subsequent taxable year in which the gain or loss from that exchange has not been recognized, in the form and manner prescribed by the Franchise Tax Board.(b) If a taxpayer fails to file an information return required pursuant to subdivision (a), and fails to file a return required under Part 10.2 (commencing with Section 18401), the Franchise Tax Board may make an estimate of the net income, from any available information, including the amount of gain described in subdivision (a), and may propose to assess the amount of tax, interest, and penalties due in the same manner as Section 19087.(c) Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code shall not apply to any standard, criterion, procedure, determination, rule, notice, or guideline established or issued by the Franchise Tax Board pursuant to this section.(d) This section shall apply to exchanges of property that occur in taxable years beginning on or after January 1, 2014.(Added by Stats. 2013, Ch. 26, Sec. 5. (AB 92) Effective June 27, 2013.)
CA Rev & Tax Code § 24954 (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 24954.

24954.  For taxable years beginning on or after January 1, 1995, Section 1042 of the Internal Revenue Code, relating to sales of stock to employee stock ownership plans or certain cooperatives, shall apply, except as otherwise provided.(Amended by Stats. 2000, Ch. 862, Sec. 208. Effective January 1, 2001.)
CA Rev & Tax Code § 24954.1 (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 24954.1.

24954.1.  Section 1042(g) of the Internal Revenue Code, relating to application of section to sales of stock in agricultural refiners and processors to eligible farm cooperatives, shall not apply.(Added by Stats. 1998, Ch. 322, Sec. 101. Effective August 20, 1998.)
CA Rev & Tax Code § 24956 (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 24956.

24956.  (a) Section 1044 of the Internal Revenue Code, relating to rollover of publicly traded securities gain into specialized small business investment companies, shall apply, except as otherwise provided.(b) The provisions of Section 1044 of the Internal Revenue Code, relating to rollover of publicly traded securities gain into specialized small business investment companies, shall not apply to any taxable year (or portion thereof) that those provisions (or similar provisions) are not applicable for federal income tax purposes.(Amended by Stats. 2000, Ch. 862, Sec. 210. Effective January 1, 2001.)
CA Rev & Tax Code § 24961 (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 4 - Special Rules for Basis|Section 24961.

24961.  In the case of the property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property, after such period of affiliation, shall be determined, in accordance with regulations prescribed by the Franchise Tax Board without regard to intercompany transactions in respect of which gain or loss was not recognized. The basis in case of property acquired by a corporation during any period, in the income year 1929 or any subsequent income year, in respect of which a consolidated return is made by such corporation under Article 9 of Chapter 2 or Section 141 of the Federal Revenue Act of 1928 or the Federal Revenue Act of 1932 or the Federal Revenue Act of 1934 or the Federal Revenue Act of 1936, or in the case of a corporation subject to the tax imposed by Chapter 3, the Federal Revenue Act of 1938, shall be determined in accordance with regulations prescribed under Article 9 of Chapter 2 or Section 141 of the Federal Revenue Act of 1928 or the Federal Revenue Act of 1932 or the Federal Revenue Act of 1936, or in the case of a corporation subject to the tax imposed by Chapter 3, the Federal Revenue Act of 1938. The basis in the case of property held by a corporation during any period, in the income year 1929 or any subsequent income year, in respect of which a consolidated return is made by such corporation under Article 9 of Chapter 2 or Section 141 of the Federal Revenue Act of 1928 or the Federal Revenue Act of 1932 or the Federal Revenue Act of 1934 or the Federal Revenue Act of 1936, or, in the case of a corporation subject to the tax imposed by Chapter 3, or the Federal Revenue Act of 1938, shall be adjusted in respect of any items relating to such period, in accordance with regulations prescribed under Article 9 of Chapter 2 or Section 141 of the Federal Revenue Act of 1928 or the Federal Revenue Act of 1932 or the Federal Revenue Act of 1934 or the Federal Revenue Act of 1936, or in the case of a corporation subject to the tax imposed by Chapter 3, or the Federal Revenue Act of 1938, applicable to such period.(Amended by Stats. 1957, Ch. 544.)