California Revenue and Taxation Code

§ 24363.5

RTC § 24363.5 Effective Oct 2, 1989Div. 2 · Part 11 · Ch. 7 · Art. 1

Statute text

(a)Except as provided in regulations, in the case of any taxable bond each of the following shall apply:

(1)The amount of any bond premium shall be allocated among the interest payments on the bond under rules similar to the rules of subdivision (c) of Section 24361.

(2)In lieu of any deduction under Section 24360, the amount of any premium so allocated to any interest payment shall be applied against (and operate to reduce) the amount of the interest payment.

…

Legislative history

Added by Stats. 1989, Ch. 1352, Sec. 107. Effective October 2, 1989. Applicable to income years beginning on or after January 1, 1989, by Sec. 172 of Ch. 1352.