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.
Cal. Rev. & Tax. Code § 24912
Basis for Computation of Gain or Loss
Applied in 1 court decision — leading case 133 Cal. App. 4th 514 - Jim Beam Brands Co. v. Franchise Tax Board (2005)
Most recently applied in 133 Cal. App. 4th 514 - Jim Beam Brands Co. v. Franchise Tax Board (October 2005)
Amended by Stats. 1997, Ch. 605, Sec. 100
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.