California Revenue and Taxation Code

§ 25113

RTC § 25113 Effective Jan 1, 2021Div. 2 · Part 11 · Ch. 17 · Art. 1.5

Statute text

(a)Except as provided in subdivision (f), for taxable years beginning on or after January 1, 2003, the election provided for in Section 25110 shall be made on an original, timely filed return for the year of the election. The election will be considered valid if both of the following conditions are satisfied:

(1)The tax is computed in a manner consistent with a water’s-edge election.

(2)A written notification of election is filed with the return on a form prescribed by the Franchise Tax Board. Pursuant to regulations promulgated under this section, the Franchise Tax Board may accept the filing of other objective evidence that supports the conclusion that a water’s-edge election was intended in lieu of notification on the designated form.

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Legislative history

Amended by Stats. 2020, Ch. 297, Sec. 4. (AB 3372) Effective January 1, 2021.