§ 24345-6. Taxes of Shareholder Paid by Corporation.

Source: https://govt.westlaw.com/calregs/Document/IFE9F44034C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

Banks and other corporations paying taxes assessed against their shareholders on account of their ownership of the shares of stock issued by such corporations without reimbursement from such shareholders may deduct the amount of taxes so paid. In such cases no deduction shall be allowed to the shareholders for such taxes. The amount so paid should not be included in the gross income of the shareholder.

Credits

Note: Authority cited: Section 26422, Revenue and Taxation Code. Reference: Section 24345, Revenue and Taxation Code.

History

1. New Reg. 24345(f) filed 12-14-64; effective thirtieth day thereafter (Register 64, No. 25).

2. Renumbering of Section 24345(f) to Section 24345-6 filed 9-3-82; effective thirtieth day thereafter (Register 82, No. 37).