§ 24347
117 words·~1 min read·
/ca/revenue-and-taxation-code/24347A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For taxable years beginning on or after January 1, 1990, all of the following shall apply:
(a)Section 165 of the Internal Revenue Code, relating to losses.
(b)Section 166 of the Internal Revenue Code, relating to bad debts, except that the deduction of a savings and loan association, bank or financial corporation shall be determined under Section 24348.
(1)Section 582 of the Internal Revenue Code, relating to bad debts, losses, and gains with respect to securities held by financial institutions.
(2)Section 582(c)(2)(C) of the Internal Revenue Code, relating to limitations on foreign banks, but only to foreign corporations that have in effect for the taxable year a water’s edge election under Section 25110.