§ 24912
58 words·~1 min read·
/ca/revenue-and-taxation-code/24912A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The basis of property shall be the cost of the property, except as otherwise provided in Chapter 8 (commencing with Section 24451), relating to corporate distributions and adjustments, and this chapter. The cost of real property shall not include any amount in respect of real property taxes which are treated under Section 24346 as imposed on a corporation.