Rev. & Tax. Code, § 24353 · Article 1. Deductions
Rev. & Tax. Code, § 24353
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the adjusted basis provided in Section 24911 for the purpose of determining the gain on the sale or other disposition of the property.
(b) If any property is acquired subject to a lease, each of the following shall apply:
(1) No portion of the adjusted basis shall be allocated to the leasehold interest.
(2) The entire adjusted basis shall be taken into account in determining the depreciation deduction, if any, with respect to the property subject to lease.
Notes and commentary — not statutory text
History
Amended by Stats. 1994, Ch. 861, Sec. 8. Effective September 27, 1994.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=24353.
- Text hash
- sha256 c14f60f2cc8d8302de5adce26c89f940446590e437ba2676713aa51f343671f3
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Revenue and Taxation Code
Cited by 2 provisions
Provisions in this library whose text cites Rev. & Tax. Code, § 24353. Each shows the citation as that text prints it.
Revenue and Taxation Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.