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Section 24273 Of Article 1. Definitions From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 6. >> Article 1.
24273
. (a) Amounts received as loans from the Commodity Credit
Corporation shall, at the election of the taxpayer, be considered as
income and shall be included in gross income for the taxable year in
which received.
(b) If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Franchise Tax Board a change to a different method is authorized.
(b) If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Franchise Tax Board a change to a different method is authorized.
