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Section 18039 Of Chapter 13. Gain Or Loss On Disposition Of Property From California Revenue And Taxation Code >> Division 2. >> Part 10. >> Chapter 13.
18039
. Section 1052 of the Internal Revenue Code, relating to basis
established by prior revenue acts, is modified as follows:
(a) Section 1052(c) of the Internal Revenue Code does not apply.
(b) If the property was acquired, after February 28, 1913, in a transaction to which the Personal Income Tax Law of 1954 applied, and the basis thereof, for purposes of the Personal Income Tax Law of 1954, was prescribed by Section 17747, 17751, 17755, 17756, 17757, 17758, or 17788 of that law, then for purposes of this part the basis shall be the same as the basis therein prescribed in the Personal Income Tax Law of 1954.
(a) Section 1052(c) of the Internal Revenue Code does not apply.
(b) If the property was acquired, after February 28, 1913, in a transaction to which the Personal Income Tax Law of 1954 applied, and the basis thereof, for purposes of the Personal Income Tax Law of 1954, was prescribed by Section 17747, 17751, 17755, 17756, 17757, 17758, or 17788 of that law, then for purposes of this part the basis shall be the same as the basis therein prescribed in the Personal Income Tax Law of 1954.
