California Revenue and Taxation Code

§ 24273.5

RTC § 24273.5 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 6 · Art. 1

Statute text

(a)Noncash patronage allocations from farmers’ cooperative and mutual associations (whether paid in capital stock, revolving fund certificates, retain certificates, certificates of indebtedness, letters of advice or in some other manner that discloses the dollar amount of such noncash patronage allocations) may, at the election of the taxpayer, be considered as income and included in gross income for the taxable year in which received.

(b)If a taxpayer exercises the election provided for in subdivision (a), the amount included in gross income shall be the face amount of such allocations.

(c)If a taxpayer elects to exclude noncash patronage allocations from gross income for the taxable year in which received, such allocations shall be included in gross income in the year that they are redeemed or realized upon.

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Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 114. Effective January 1, 2001.