CHAPTER 4.5. Tax Treatment of S Corporations and Their Shareholders [23800. - 23813.]
Chapter 4.5 added by Stats. 1987, Ch. 1139, Sec. 55.
§§ 23800–23813 · 13 sections
- § 23800 Subchapter S of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to the tax treatment of “S corporations” and their shareholders, shall apply,…
- § 23800.5 (a) Section 1361(b)(3) of the Internal Revenue Code, relating to treatment of certain wholly owned subsidiaries, is modified as follows: (1) For purposes of…
- § 23801 (a) A corporation that has in effect for federal income tax purposes a valid election under Section 1362(a) of the Internal Revenue Code shall be an “S”…
- § 23802 (a) Section 1363(a) of the Internal Revenue Code, relating to the taxability of an “S” corporation does not apply. (b) Corporations that are “S” corporations…
- § 23802.5 (a) Section 1366(a)(1) of the Internal Revenue Code, relating to determination of shareholder’s tax liability, is modified to apply to the final taxable year…
- § 23803 (a) With respect to credits that are otherwise allowed to reduce the taxes imposed under this part: (1) The amount of any credit to be claimed shall be limited…
- § 23804 Section 1367(b)(4) of the Internal Revenue Code, relating to adjustments in case of inherited stock, shall apply for decedents dying after December 31, 1996.
- § 23806 (a) Section 1371(a) of the Internal Revenue Code, relating to application of Subchapter C rules, is modified to provide that, notwithstanding subdivisions (a)…
- § 23807 Section 1372 of the Internal Revenue Code shall be modified so that references to partnership treatment shall be to Internal Revenue Code partnership…
- § 23808 Sections 1373 and 1379 of the Internal Revenue Code shall not be applicable.
- § 23809 There is hereby imposed a tax on built-in gains attributable to California sources, determined in accordance with the provisions of Section 1374 of the…
- § 23811 Except as otherwise provided in this section, there is hereby imposed a tax on passive investment income attributable to California sources, determined in…
- § 23813 Section 1377(b)(2) of the Internal Revenue Code, relating to determination defined, is modified to include, in addition to the items specified therein, the…