California Revenue and Taxation Code

§ 23702

RTC § 23702 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 4 · Art. 1

Statute text

Section 502 of the Internal Revenue Code, relating to feeder organizations, shall apply, except as otherwise provided.

(a)Exemption shall not be allowed to any organization on the basis that all of its profits are payable to another organization exempt from taxation under either Section 501 of the Internal Revenue Code or this article, if that business activity is being conducted by a separate organization.

(b)The reference to Section 501 of the Internal Revenue Code, relating to exemption, shall be modified to refer to Section 23701.

…

Legislative history

Repealed and added by Stats. 2000, Ch. 252, Sec. 22. Effective January 1, 2001.