{"code":"RTC","codeName":"Revenue and Taxation Code","section":"24273","citation":"Rev. & Tax. Code, § 24273","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 2. OTHER TAXES [6001. - 61050.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2"},{"name":"PART 11. CORPORATION TAX LAW [23001. - 25141.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-11"},{"name":"CHAPTER 6. Gross Income [24271. - 24329.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-11/chapter-6"},{"name":"ARTICLE 1. Definitions [24271. - 24276.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-11/chapter-6/article-1"}],"history":"Amended by Stats. 2000, Ch. 862, Sec. 113.   Effective January 1, 2001.","effective":"2001-01-01","html":"<p>(a) Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and shall be included in gross income for the taxable year in which received.</p><p>(b) If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Franchise Tax Board a change to a different method is authorized.</p>","text":"(a) Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and shall be included in gross income for the taxable year in which received. (b) If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Franchise Tax Board a change to a different method is authorized.","otherVersions":[],"url":"https://blackletter.si/revenue-and-taxation-code/definitions-24273","source":"California Legislative Information bulk export (pubinfo)"}