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Cal. Rev. & Tax. Code § 24701

Inventories

Showing this section's text as in effect on January 1, 2011 (in force January 1, 2011 – January 1, 2019). View current text →

(a) Section 471 of the Internal Revenue Code, relating to the general rule for inventories, shall apply, except as otherwise provided.

(b) Section 472 of the Internal Revenue Code, relating to last-in, first-out inventories, shall apply, except as otherwise provided.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.