Section 24426 Of Article 3. Items Not Deductible From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 7. >> Article 3.

. Amounts paid or accrued for such taxes and carrying charges as, under regulations prescribed by the Franchise Tax Board, are chargeable to capital account with respect to property, if the taxpayer elects, in accordance with such regulations, to treat such taxes or charges as so chargeable.