California Revenue and Taxation Code 24309 – Gross income does not include income (other than rent) derived by a …
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Gross income does not include income (other than rent) derived by a lessor of real property on the termination of a lease, representing the value of such property attributable to buildings erected or other improvements made by the lessee.
(Added by Stats. 1955, Ch. 938.)
Terms Used In California Revenue and Taxation Code 24309
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.