California Revenue and Taxation Code

§ 17638

RTC § 17638 Effective Jul 28, 1983Div. 2 · Part 10 · Ch. 7 · Art. 1

Statute text

Any organization described in Section 401(a) of the Internal Revenue Code or a trust which is denied exemption under Section 17631 by reason of Section 17635, with respect to any taxable year following the taxable year in which notice of denial of exemption was received, may, under regulations prescribed by the Franchise Tax Board, file claim for exemption, and if the Franchise Tax Board, pursuant to such regulations, is satisfied that such organization will not knowingly again engage in a prohibited transaction, such organization shall be exempt with respect to taxable years after the year in which such claim is filed.

Legislative history

Amended by Stats. 1983, Ch. 488, Sec. 43. Effective July 28, 1983.