An election made by a taxpayer pursuant to Section 1033(g)(3) of the Internal Revenue Code, relating to the election to treat outdoor advertising displays as real property, may not be denied because the taxpayer has, on his or her federal return, elected to expense the asset.
Cal. Rev. & Tax. Code § 18037
Gain or Loss on Disposition of Property
Amended by Stats. 2003, Ch. 185, Sec. 17
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.