Section 24360 Of Article 1. Deductions From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 7. >> Article 1.
24360
. In the case of any bond, as defined in Section 24363, the
following rules shall apply to the amortizable bond premium
(determined under Section 24361 on the bond):
(a) In the case of a bond, the amount of the amortizable bond
premium for the taxable year shall be allowed as a deduction.
(b) In the case of any bond the interest on which is excludable
from gross income under Chapter 3 (commencing with Section 23501), no
deduction shall be allowed for the amortizable bond premium for the
taxable year.