California Revenue and Taxation Code

§ 18178

RTC § 18178 Effective Aug 20, 1998Div. 2 · Part 10 · Ch. 14

Statute text

Section 1272 of the Internal Revenue Code shall be modified as follows:

(a)For taxable years beginning on or after January 1, 1987, and before the taxable year in which the debt obligation matures or is sold, exchanged, or otherwise disposed, the amount included in gross income under this part shall be the same as the amount included in gross income on the federal tax return.

(b)The difference between the amount included in gross income on the federal return and the amount included in gross income under this part, with respect to obligations issued after December 31, 1984, for taxable years beginning before January 1, 1987, shall be included in gross income in the taxable year in which the debt obligation matures or is sold, exchanged, or otherwise disposed.

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Legislative history

Amended by Stats. 1998, Ch. 322, Sec. 42. Effective August 20, 1998.