California Revenue and Taxation Code

§ 24676.5

RTC § 24676.5 Effective Jan 1, 2001Div. 2 · Part 11 · Ch. 13 · Art. 3

Statute text

(a)A taxpayer who is on an accrual method of accounting may elect not to include in the gross income for the taxable year the income attributable to the qualified sale of any magazine, paperback, or record which is returned to the taxpayer before the close of the merchandise return period.

(b)For purposes of this section—

(1)The term “magazine” includes any other periodical.

…

Legislative history

Amended by Stats. 2000, Ch. 862, Sec. 187. Effective January 1, 2001.