Section 25125 Of Article 2. Uniform Division Of Income For Tax Purposes Act From California Revenue And Taxation Code >> Division 2. >> Part 11. >> Chapter 17. >> Article 2.
25125
. (a) Capital gains and losses from sales of real property
located in this state are allocable to this state.
(b) Capital gains and losses from sales of tangible personal
property are allocable to this state if:
(1) The property had a situs in this state at the time of the
sale, or
(2) The taxpayer's commercial domicile is in this state and the
taxpayer is not taxable in the state in which the property had a
situs.
(c) Except in the case of the sale of a partnership interest,
capital gains and losses from sales of intangible personal property
are allocable to this state if the taxpayer's commercial domicile is
in this state.
(d) Gain or loss on the sale of a partnership interest is
allocable to this state in the ratio of the original cost of
partnership tangible property in the state to the original cost of
partnership tangible property everywhere, determined at the time of
the sale. In the event that more than 50 percent of the value of
partnership's assets consist of intangibles, gain or loss from the
sale of the partnership interest is allocated to this state in
accordance with the sales factor of the partnership for its first
full tax period immediately preceding the tax period of the
partnership during which the partnership interest was sold.