California Revenue and Taxation Code

§ 23736.1

RTC § 23736.1 Effective Jan 1, 2005Div. 2 · Part 11 · Ch. 4 · Art. 2

(a)For the purposes of this article, the term “prohibited transaction” means any transaction in which an organization subject to this article—

(1)Lends any part of its income or corpus, without the receipt of adequate security and a reasonable rate of interest, to;

(2)Pays any compensation, in excess of a reasonable allowance for salaries or other compensation for personal services actually rendered, to;

…

Legislative history

Amended by Stats. 2004, Ch. 183, Sec. 333. Effective January 1, 2005.