Section 24351 Of Article 1. Deductions From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 7. >> Article 1.
24351
. Where, under regulations prescribed by the Franchise Tax
Board, the taxpayer and the Franchise Tax Board have, after the date
of enactment of this section, entered into an agreement in writing
specifically dealing with the useful life and rate of depreciation of
any property, the rate so agreed upon shall be binding on both the
taxpayer and the Franchise Tax Board in the absence of facts or
circumstances not taken into consideration in the adoption of such
agreement. The responsibility of establishing the existence of such
facts and circumstances shall rest with the party initiating the
modification. Any change in the agreed rate and useful life specified
in the agreement shall not be effective for taxable years before the
taxable year in which notice in writing by certified mail or
registered mail is served by the party to the agreement initiating
such change.