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DIVISION 2. OTHER TAXES 6001-60709›PART 11. CORPORATION TAX LAW 23001-25141›CHAPTER 7. Net Income 24341-24449›ARTICLE 1. Deductions 24341-24383

§ 24353

California Revenue and Taxation Code · 2018-11 edition · updated 2026-10-04 · California

(a) The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the adjusted basis provided in Section 24911 for the purpose of determining the gain on the sale or other disposition of the property.

(b) If any property is acquired subject to a lease, each of the following shall apply:

(1) No portion of the adjusted basis shall be allocated to the leasehold interest.

(2) The entire adjusted basis shall be taken into account in determining the depreciation deduction, if any, with respect to the property subject to lease.

(Amended by Stats. 1994, Ch. 861, Sec. 8. Effective September 27, 1994.)

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California Revenue and Taxation Code

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