Revenue and Taxation Code § 24947

ARTICLE 3. Nontaxable Exchanges

Current as of September 28, 2026Rev. & Tax. Code, § 24947Official source ↗

Repealed and added by Stats. 1997, Ch. 611, Sec. 98. Effective October 3, 1997.

(a) Section 1033(b) of the Internal Revenue Code, relating to basis of property acquired through involuntary conversion, shall apply, except as otherwise provided.

(b) Section 1033(b)(1) of the Internal Revenue Code is modified by substituting “subdivision (a) of Section 24943” in lieu of “subsection (a)(1).”

(c) Section 1033(b)(2) of the Internal Revenue Code is modified by substituting “subdivision (b) of Section 24943” in lieu of “subsection (a)(2).”

(d) Section 1033(b)(3) of the Internal Revenue Code is modified by substituting “subdivision (b) of Section 24943” in lieu of “subsection (a)(2)(E).”