California Revenue and Taxation Code

§ 24357.1

RTC § 24357.1 Effective Jan 1, 2011Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)The amount of any charitable contribution of property otherwise taken into account under Section 24357 shall be reduced by the amount of gain that would have been realized if the property contributed had been sold by the taxpayer at its fair market value (determined at the time of that contribution).

(b)For purposes of subdivision (a), in the case of a charitable contribution of less than the taxpayer’s entire interest in the property contributed, the taxpayer’s adjusted basis in that property shall be allocated between the interest contributed and any interest not contributed in accordance with regulations prescribed by the Franchise Tax Board.

(c)The provisions of subdivision (a) shall apply in the case of a charitable contribution of tangible personal property if either of the following conditions is satisfied:

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Legislative history

Amended by Stats. 2010, Ch. 14, Sec. 71. (SB 401) Effective January 1, 2011.