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DIVISION 2. OTHER TAXES 6001-61050›PART 11. CORPORATION TAX LAW 23001-25141›CHAPTER 15. Gain or Loss on Disposition of Property 24901-24998›ARTICLE 4. Special Rules for Basis 24961-24966.2

§ 24966

California Revenue and Taxation Code · 2020-11 edition · updated 2026-10-04 · California

(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 Revenue Code, except as otherwise provided in this section.

(b) The reduction described in Section 1059(b)(2)(B) of the Internal Revenue Code shall be the amount determined under Section 24402.

(c) Reference to Section 301 of the Internal Revenue Code shall be reference to Sections 24451 to 24454, inclusive.

(d) Reference to Section 301(b)(2) of the Internal Revenue Code shall be reference to subdivision (b) of Section 24452.

(e) Reference to Section 301(c)(2) of the Internal Revenue Code shall be reference to subdivision (b) of Section 24453.

(Amended by Stats. 1990, Ch. 1349, Sec. 34.3. Effective September 26, 1990.)

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California Revenue and Taxation Code

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