California Revenue and Taxation Code 24273 – (a) Amounts received as loans from the Commodity Credit …
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(a) Amounts received as loans from the Commodity Credit Corporation shall, at the election of the taxpayer, be considered as income and shall be included in gross income for the taxable year in which received.
(b) If a taxpayer exercises the election provided for in subsection (a) for any taxable year, then the method of computing income so adopted shall be adhered to with respect to all subsequent taxable years unless with the approval of the Franchise Tax Board a change to a different method is authorized.
Terms Used In California Revenue and Taxation Code 24273
- board: means the California Department of Tax and Fee Administration. See California Revenue and Taxation Code 20
- 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.
(Amended by Stats. 2000, Ch. 862, Sec. 113. Effective January 1, 2001.)