Section 24685 Of Article 4. Year Of Deduction From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 13. >> Article 4.
24685
. (a) In the case of any taxpayer who elected to have former
Section 24685 apply for that taxpayer's last taxable year beginning
prior to January 1, 1990, and who is required to change its method of
accounting by reason of the amendments made by the act adding this
section, each of the following shall apply:
(1) The change shall be treated as initiated by the taxpayer.
(2) The change shall be treated as having been made with the
consent of the Franchise Tax Board.
(3) The net amount of adjustments required by Chapter 13
(commencing with Section 24631) to be taken into account by the
taxpayer:
(A) Shall be reduced by the balance in the suspense account, under
former Section 24685 as of the close of the last taxable year
beginning before January 1, 1990, and
(B) Shall be taken into account over the two taxable year period
beginning with the taxable year following that last taxable year, as
follows: