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 4.5. Capital Gains and Losses 24990-24995
§ 24990.4
California Revenue and Taxation Code · 2020-11 edition · updated 2026-10-04 · California
For taxable years beginning on or after January 1, 1997:
(a) Section 1237(a) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that the term “other than a corporation” in the material preceding Section 1237(a)(1) of the Internal Revenue Code shall instead mean “other than a C corporation.”
(b) Section 1237(a)(2)(A) of the Internal Revenue Code, relating to real property subdivided for sale, is modified to provide that an improvement shall be deemed to be made by the taxpayer if that improvement was made by an “S corporation” that included the taxpayer as a shareholder.
(Amended by Stats. 2000, Ch. 862, Sec. 211. Effective January 1, 2001.)
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