{"code":"RTC","codeName":"Revenue and Taxation Code","section":"24991","citation":"Rev. & Tax. Code, § 24991","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 15. Gain or Loss on Disposition of Property [24901. - 24998.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-11/chapter-15"},{"name":"ARTICLE 4.5. Capital Gains and Losses [24990. - 24995.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-11/chapter-15/article-4.5"}],"history":"Amended by Stats. 2003, Ch. 185, Sec. 40.   Effective January 1, 2004.","effective":"2004-01-01","html":"<p>Section 1275(a)(3) of the Internal Revenue Code, relating to the definition of tax-exempt obligation, does not apply but instead the term “tax-exempt obligation” means an obligation the interest on which is exempt from tax under this part.</p>","text":"Section 1275(a)(3) of the Internal Revenue Code, relating to the definition of tax-exempt obligation, does not apply but instead the term “tax-exempt obligation” means an obligation the interest on which is exempt from tax under this part.","otherVersions":[],"url":"https://blackletter.si/revenue-and-taxation-code/capital-gains-and-losses-24991","source":"California Legislative Information bulk export (pubinfo)"}