CHAPTER 15. Gain or Loss on Disposition of Property [24901. - 24998.]

Chapter 15 added by Stats. 1955, Ch. 938.

§§ 24901–24998 · 57 sections

1. ARTICLE 1. Computation of Gain or Loss §§ 24901–24905.5 · 4 sections

   • § 24901 (a) The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in Section…
   • § 24902 Except as otherwise provided in this part, on the sale or exchange of property the entire amount of the gain or loss, determined under Section 24901, shall be…
   • § 24905 (a) Section 988 of the Internal Revenue Code, relating to treatment of certain foreign currency transactions, shall apply, except as otherwise provided. (b)…
   • § 24905.5 For each taxable year beginning on or after January 1, 1997, the amendments made to Section 988 of the Internal Revenue Code by Section 13223 of the Revenue…
2. ARTICLE 2. Basis for Computation of Gain or Loss §§ 24911–24919 · 10 sections

   • § 24911 (a) The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis (determined under…
   • § 24912 The basis of property shall be the cost of the property, except as otherwise provided in Chapter 8 (commencing with Section 24451), relating to corporate…
   • § 24913 If the property should have been included in the last inventory, the basis shall be the last inventory value thereof.
   • § 24914 (a) If the property was acquired by gift after December 31, 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding…
   • § 24915 (a) If— (1) The property is acquired by gift on or after the date of the enactment of this section, the basis shall be the basis determined under Section…
   • § 24916 Proper adjustment with regard to the property shall in all cases be made as follows: (a) For expenditures, receipts, losses, or other items properly chargeable…
   • § 24916.2 Notwithstanding the provisions of Section 24916 no adjustment shall be made for (a) abandonment fees paid in respect of property on which the open-space…
   • § 24917 Whenever it appears that the basis of property in the hands of the corporation is a substituted basis, then the adjustments provided in Section 24916 shall be…
   • § 24918 (a) Section 1017 of the Internal Revenue Code, relating to discharge of indebtedness, shall apply, except as otherwise provided. References to affiliated…
   • § 24919 Neither the basis nor the adjusted basis of any portion of real property shall, in the case of the lessor of such property, be increased or diminished on…
3. ARTICLE 3. Nontaxable Exchanges §§ 24941–24955 · 22 sections

   • § 24941 Section 1031 of the Internal Revenue Code, relating to exchange of property held for productive use or investment, shall apply, except as otherwise provided.
   • § 24941.5 (a) The amendments made by Section 13303(a) and (b) of the Tax Cuts and Jobs Act (Public Law 115-97) to Section 1031 of the Internal Revenue Code, relating to…
   • § 24942 (a) No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of that…
   • § 24943 If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily…
   • § 24944 If property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily…
   • § 24945 If a taxpayer has made the election provided in Section 24944(a), then— (a) The statutory period for the assessment of any deficiency, for any taxable year in…
   • § 24946 If the election provided in Section 24944(a) is made by the taxpayer and such other property or such stock was purchased before the beginning of the last…
   • § 24947 (a) Section 1033(b) of the Internal Revenue Code, relating to basis of property acquired through involuntary conversion, shall apply, except as otherwise…
   • § 24948 For purposes of this part, if property lying within an irrigation project is sold or otherwise disposed of in order to conform to the acreage limitation…
   • § 24949 For purposes of this part, if livestock are destroyed by or on account of disease, or are sold or exchanged because of disease, such destruction or such sale…
   • § 24949.1 (a) For purposes of this part, the sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of…
   • § 24949.2 (a) For purposes of Sections 24943 through 24945, if real property (not including stock in trade or other property held primarily for sale) held for productive…
   • § 24949.3 For purposes of Sections 24943 through 24946, if, because of drought, flood, other weather-related conditions, or soil contamination or other environmental…
   • § 24949.5 (a) For purposes of Sections 24943 through 24946, Section 1033(h) of the Internal Revenue Code, relating to special rules for property damaged by federally…
   • § 24950 Section 1035 of the Internal Revenue Code, relating to certain exchanges of insurance policies, shall apply, except as otherwise provided.
   • § 24950.5 The amendments made by Section 844 of the Pension Protection Act of 2006 (Public Law 109-280) to Section 1035 of the Internal Revenue Code shall not apply.
   • § 24951 Section 1036 of the Internal Revenue Code, relating to stock for stock of same corporation, shall apply, except as otherwise provided.
   • § 24952 (a) If— (1) A sale of real property gives rise to indebtedness to the seller which is secured by the real property sold, and (2) The seller of such property…
   • § 24953 (a) If gain or loss from the exchange of property in this state of a taxpayer is not recognized under this part because of Section 1031 of the Internal Revenue…
   • § 24954 For taxable years beginning on or after January 1, 1995, Section 1042 of the Internal Revenue Code, relating to sales of stock to employee stock ownership…
   • § 24954.1 Section 1042(g) of the Internal Revenue Code, relating to application of section to sales of stock in agricultural refiners and processors to eligible farm…
   • § 24955 (a) No gain shall be recognized with respect to a sale of an assisted housing development to a tenant association, nonprofit organization, profit-motivated…
4. ARTICLE 4. Special Rules for Basis §§ 24961–24966.2 · 8 sections

   • § 24961 In the case of the property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such…
   • § 24962 (a) If the property was acquired, after February 28, 1913, in any income year beginning before January 1, 1934, and the basis thereof, for purposes of the…
   • § 24963 In the case of property acquired before March 1, 1913, if the basis otherwise determined under this part, adjusted (for the period before March 1, 1913) as…
   • § 24964 Whenever a taxpayer has realized gain or loss upon the receipt after January 1, 1928, at a time when it was subject to a tax under this part, of all or…
   • § 24965 In the case of a share of stock issued pursuant to Section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., Sec. 1718), the basis of…
   • § 24966 (a) The basis in stock purchased shall be reduced by the nontaxed portion of any extraordinary dividend received as provided in Section 1059 of the Internal…
   • § 24966.1 Section 1059A of the Internal Revenue Code, relating to limitation on taxpayer’s basis or inventory cost in property imported from related persons, shall…
   • § 24966.2 Section 1060 of the Internal Revenue Code, relating to special allocation rules for certain asset acquisitions, shall apply, except as otherwise provided.
5. ARTICLE 4.5. Capital Gains and Losses §§ 24990–24995 · 12 sections

   • § 24990 Subchapter P of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to capital gains and losses, shall apply, except as otherwise provided.
   • § 24990.1 The amendments made by Section 126(a) of the Consolidated Appropriations Act, 2016 (Public Law 114-113) to Section 1202(a)(4) of the Internal Revenue Code,…
   • § 24990.2 Section 301 of Title III of Division A of the Emergency Economic Stabilization Act of 2008 (Public Law 110-343), relating to gain or loss from sale of certain…
   • § 24990.4 For taxable years beginning on or after January 1, 1997: (a) Section 1237(a) of the Internal Revenue Code, relating to real property subdivided for sale, is…
   • § 24990.5 The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows: (a) Section…
   • § 24990.6 (a) Section 1245(a)(2)(C) of the Internal Revenue Code, relating to certain deductions treated as amortization, is modified to also refer to Sections 24356.2,…
   • § 24990.7 The provisions of Section 1248 of the Internal Revenue Code, relating to gain from certain sales or exchanges of stock in certain foreign corporations, shall…
   • § 24990.8 For taxable years beginning on or after January 1, 2010, specific reference to Section 1223(4) to (16), inclusive, of the Internal Revenue Code in this part…
   • § 24990.9 The amendments made to Sections 1221(a)(3) and 1231(b)(1)(C) of the Internal Revenue Code by Section 13314 of Public Law 115-97, relating to certain…
   • § 24991 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…
   • § 24993 (a) Section 7872 of the Internal Revenue Code, relating to the treatment of loans with below market interest rates, shall apply, except as otherwise provided.…
   • § 24995 The provisions of Part VI of Subchapter P of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to treatment of certain passive foreign investment…
6. ARTICLE 5. Wash Sales of Stock or Securities § 24998 · 1 section

   • § 24998 The provisions of Sections 1091 and 1092 of the Internal Revenue Code, relating to loss from wash sales of stock or securities, and straddles, respectively,…