Section 24358 Of Article 1. Deductions From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 7. >> Article 1.
24358
. (a) In the case of a corporation, the total deductions under
Section 24357 for any taxable year, other than for contributions to
which subdivision (b) applies, shall not exceed 10 percent of the
taxpayer's net income computed without regard to any of the
following:
(1) Subdivision (e) of Section 23802.
(2) Sections 24357 to 24359, inclusive.
(3) Article 2 (commencing with Section 24401) of Chapter 7 (except
Sections 24407 to 24409, inclusive).
(b) (1) Section 170(b)(2)(B) of the Internal Revenue Code,
relating to qualified conservation contributions by certain corporate
farmers and ranchers, shall apply, except as otherwise provided.
(2) The phrase "made on or after January 1, 2010," shall be
substituted for "made after the date of the enactment of this
subparagraph" in Section 170(b)(2)(B)(i)(II) of the Internal Revenue
Code.
(c) Section 170(d)(2) of the Internal Revenue Code, relating to
corporations, shall apply with respect to excess contributions made
during taxable years beginning on or after January 1, 1996.