Section 24673 Of Article 3. Year Of Inclusion From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 13. >> Article 3.
24673
. Where a corporation subject to the tax imposed by Chapter 2
is engaged in the performance of a contract in this State which will
require more than a year to complete, the Franchise Tax Board may
require that the income from the contract be reported on the basis of
percentage of completion unless the corporation furnishes bond or
other security guaranteeing the payment of a tax measured by the
income received on the completion of the contract even though the
corporation is not doing business in this State in the year
subsequent to the year of completion.