California Revenue and Taxation Code

§ 24307

RTC § 24307 Effective Sep 30, 2015Div. 2 · Part 11 · Ch. 6 · Art. 2

Statute text

(a)Section 108 of the Internal Revenue Code, relating to income from discharge of indebtedness, shall apply, except as otherwise provided.

(b)Section 108(b)(2)(B) of the Internal Revenue Code, relating to general business credit, is modified by substituting “this part” in lieu of “Section 38 (relating to general business credit).”

(c)Section 108(b)(2)(G) of the Internal Revenue Code, relating to foreign tax credit carryovers, shall not apply.

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Legislative history

Amended by Stats. 2015, Ch. 359, Sec. 30. (AB 154) Effective September 30, 2015. Applicable to taxable years beginning on or after January 1, 2015, as provided in Sec. 41 of Stats. 2015, Ch. 359.