California Revenue and Taxation Code

§ 24357.3

RTC § 24357.3Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

For purposes of Section 24357, in determining the value of a remainder interest in real property, depreciation (computed on the straight line method) and depletion of such property shall be taken into account, and such value shall be discounted at a rate of 6 percent per annum, except that the Franchise Tax Board may prescribe a different rate.

Legislative history

Added by Stats. 1971, 1st Ex. Sess., Ch. 1.