Rev. & Tax. Code, § 24672 · Article 3. Year of Inclusion
Rev. & Tax. Code, § 24672
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Where a taxpayer reports income arising from the sale or other disposition of property as provided in this article, and the entire income therefrom has not been reported prior to the year that the taxpayer ceases to be subject to the tax imposed by Chapter 2 (commencing with Section 23101) or Chapter 3 (commencing with Section 23501), the unreported income shall be included in the measure of the tax for the last year in which the taxpayer is subject to the tax imposed by Chapter 2 (commencing with Section 23101) or Chapter 3 (commencing with Section 23501).
(b) Subdivision (a) shall not be applicable where the installment obligation is transferred pursuant to a reorganization (as defined in Section 368(a) of the Internal Revenue Code) to another taxpayer that is a party to the reorganization (as defined in Section 368(b) of the Internal Revenue Code) subject to tax under the same chapter as the transferor, or is transferred to any exempt nonprofit cemetery corporation as defined in Section 23701c of this code.
(c) The determination of any deficiency resulting from this section shall be made under Article 3 (commencing with Section 19032) of Chapter 4 of Part 10.2, but the period of limitation under that article, and the accrual of interest under Article 6 (commencing with Section 19101) of Chapter 4 of Part 10.2, shall commence on the date the taxpayer ceases to be subject to the tax imposed by Chapter 2 (commencing with Section 23101) or Chapter 3 (commencing with Section 23501).
Notes and commentary — not statutory text
History
Amended by Stats. 1996, Ch. 952, Sec. 51. Effective January 1, 1997.
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=24672.
- Text hash
- sha256 acea686815e09f5a1e47db7f734c49dd092dc7f39eaad46f6db4e84f5666b62a
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- 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
- Rev. & Tax. Code, div. 2, pt. 10.2, ch. 4, art. 3Deficiency AssessmentsPrinted as Article 3 (commencing with Section 19032) of Chapter 4 of Part 10.2
- Rev. & Tax. Code, div. 2, pt. 10.2, ch. 4, art. 6InterestPrinted as Article 6 (commencing with Section 19101) of Chapter 4 of Part 10.2
- Rev. & Tax. Code, div. 2, pt. 11, ch. 2The Corporation Franchise TaxPrinted as Chapter 2 (commencing with Section 23101)
- Rev. & Tax. Code, div. 2, pt. 11, ch. 3The Corporation Income TaxPrinted as Chapter 3 (commencing with Section 23501)
- Rev. & Tax. Code, § 23701cPrinted as Section 23701c of this 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.