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Earlier editions: 2020-112018-112026-09

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

§ 24990.5

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

The provisions of Section 1212 of the Internal Revenue Code, relating to capital loss carrybacks and carryovers, are modified as follows:

(a) Section 1212(a)(1)(A) of the Internal Revenue Code, relating to capital loss carrybacks, shall not apply.

(b) Section 1212(a)(4) of the Internal Revenue Code, relating to special rules on carrybacks, shall not apply.

(c) Sections 1212(b) and 1212(c) of the Internal Revenue Code, relating to other taxpayers and carryback of losses from Section 1256 contracts to offset prior gains from such contracts, respectively, shall not apply.

(Amended by Stats. 2025, Ch. 231, Sec. 118. (SB 711) Effective October 1, 2025. Applicable to taxable years beginning on or after January 1, 2015, as provided in Sec. 41 of Stats. 2015, Ch. 359.)

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California Revenue and Taxation Code

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