DIVISION 2. OTHER TAXES 6001-61050›PART 11. CORPORATION TAX LAW 23001-25141›CHAPTER 13. Accounting Periods and Methods of Accounting 24631-24726›ARTICLE 3. Year of Inclusion 24661-24679
§ 24673
California Revenue and Taxation Code · 2020-11 edition · updated 2026-10-04 · California
Where a corporation subject to the tax imposed by Chapter 2 is engaged in the performance of a contract in this State which will require more than a year to complete, the Franchise Tax Board may require that the income from the contract be reported on the basis of percentage of completion unless the corporation furnishes bond or other security guaranteeing the payment of a tax measured by the income received on the completion of the contract even though the corporation is not doing business in this State in the year subsequent to the year of completion.
(Added by Stats. 1955, Ch. 938.)
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