California Revenue and Taxation Code 23701h – (a) A corporation described in Section 501(c)(2) of the Internal …
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(a) A corporation described in Section 501(c)(2) of the Internal Revenue Code, relating to certain title-holding companies.
(b) (1) Notwithstanding subparagraph (B) of paragraph (2) of subdivision (b) of Section 23038, for purposes of applying Section 501(c)(2) of the Internal Revenue Code under this section, the term “corporation” includes a limited liability company that is classified as a partnership or as a disregarded entity.
Terms Used In California Revenue and Taxation Code 23701h
- 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.
(2) A limited liability company that, under the authority of this section, is exempt from the tax imposed by this part is also exempt from the tax and fees imposed under Chapter 10.6 (commencing with Section 17941) of Part 10.
(Amended by Stats. 2003, Ch. 633, Sec. 7. Effective September 30, 2003.)