California Revenue and Taxation Code 23504 – Where a corporation formerly subject to tax under Chapter 2 …
Current as of: 2024 | Check for updates
|
Other versions
Where a corporation formerly subject to tax under Chapter 2 (commencing with Section 23101) becomes subject to tax under Chapter 3 (commencing with Section 23501), the tax for the year in which the change occurs will be assessed under Chapter 2 (commencing with Section 23101) and not under Chapter 3 (commencing with Section 23501). For years subsequent to the year in which the change occurs, the tax will be assessed under Chapter 3 (commencing with Section 23501).
(Amended by Stats. 1971, Ch. 1304.)
Terms Used In California Revenue and Taxation Code 23504
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.