California Revenue and Taxation Code

§ 24872

RTC § 24872 Effective Oct 7, 2005Div. 2 · Part 11 · Ch. 14.5

Statute text

(a)A real estate investment trust shall be deemed to have satisfied the distribution requirements of Section 857(a)(1) of the Internal Revenue Code for purposes of this part if it satisfies the distribution requirements of Section 857(a)(1) of the Internal Revenue Code for federal purposes.

(b)(1) Section 857(b)(1) of the Internal Revenue Code, relating to imposition of tax on real estate investment trusts, shall not apply.

(2)Every real estate investment trust shall be subject to the taxes imposed under Chapter 2 (commencing with Section 23101) and Chapter 3 (commencing with Section 23501), except that its “net income” shall be equal to its “real estate investment trust income,” as defined in subdivision (c).

…

Legislative history

Amended by Stats. 2005, Ch. 691, Sec. 73. Effective October 7, 2005.