Section 23457 Of Chapter 2.5. Alternative Minimum Tax From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 2.5.
23457
. For purposes of this part, Section 57 of the Internal
Revenue Code is modified as follows:
(a) Section 57(a)(5) of the Internal Revenue Code, relating to
tax-exempt interest, shall not be applicable.
(b) Section 57(a)(6) of the Internal Revenue Code, relating to
accelerated depreciation or amortization on certain property placed
in service before January 1, 1987, is modified to read: With respect
to each property as described in Section 1250(c) of the Internal
Revenue Code as that provision read on April 1, 1970, the amount by
which the deduction allowable for the taxable year for exhaustion,
wear, tear, obsolescence, or amortization exceeds the depreciation
deduction that would have been allowable for the taxable year, had
the taxpayer depreciated the property under the straight line method
for each taxable year of its useful life (determined without regard
to Section 24354.2 or 24381) for which the taxpayer has held the
property.