California Revenue and Taxation Code

§ 24667

RTC § 24667 Effective Sep 23, 2002Div. 2 · Part 11 · Ch. 13 · Art. 3

Statute text

(a)(1) Sections 453, 453A, and 453B of the Internal Revenue Code, relating to installment method, special rules for nondealers, and gain or loss on disposition of installment obligations, respectively, shall apply, except as otherwise provided.

(2)Sections 811(c)(4), 811(c)(6), and 811(c)(7) of Public Law 99-514, as modified by Section 1008(f) of Public Law 100-647, shall apply to each taxable year beginning on or after January 1, 1988.

(3)Section 812 of Public Law 99-514, relating to the disallowance of use of the installment method for certain obligations, as modified by Section 1008(g) of Public Law 100-647, shall apply to each taxable year beginning on or after January 1, 1988.

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Legislative history

Amended by Stats. 2002, Ch. 807, Sec. 19. Effective September 23, 2002.