Section 24347 Of Article 1. Deductions From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 7. >> Article 1.
24347
. For taxable years beginning on or after January 1, 1990, all
of the following shall apply:
(a) Section 165 of the Internal Revenue Code, relating to losses.
(b) Section 166 of the Internal Revenue Code, relating to bad
debts, except that the deduction of a savings and loan association,
bank or financial corporation shall be determined under Section
24348.
(c) (1) Section 582 of the Internal Revenue Code, relating to bad
debts, losses, and gains with respect to securities held by financial
institutions.
(2) Section 582(c)(2)(C) of the Internal Revenue Code, relating to
limitations on foreign banks, but only to foreign corporations that
have in effect for the taxable year a water's edge election under
Section 25110.