(

a) A corporation, trust, or association that is a real estate investment trust for any taxable year for federal purposes under

Part II (commencing with

Section 856) of Subchapter M of

Chapter of Subtitle A of the Internal Revenue Code (as applicable for federal purposes for the taxable year) shall be a real estate investment trust for purposes of this part for the same taxable year. (

b) A corporation, trust, or association that is not a real estate investment trust for any taxable year for federal purposes under

Part II (commencing with

Section 856) of Subchapter M of

Chapter of Subtitle A of the Internal Revenue Code (as applicable for federal purposes for the taxable year) shall not be a real estate investment trust for purposes of this part for the same taxable year. (c)

(1) An election to be a real estate investment trust for federal purposes under

Section 856(c)(1) of the Internal Revenue Code (as applicable for federal purposes for the taxable year) shall be treated, for purposes of

Part 10 (commencing with

Section 17001),

Part 10.2 (commencing with

Section 18401), and this part, as an election to be a real estate investment trust for state purposes for the same taxable year and a separate election under paragraph (3) of subdivision (

e) of

Section 23051.5 shall not be allowed. (2) (

A) The termination or revocation of an election described in paragraph (1) for federal purposes under

Section 856(

g) of the Internal Revenue Code (as applicable for federal purposes for the taxable year) shall be treated, for purposes of

Part 10 (commencing with

Section 17001),

Part 10.2 (commencing with

Section 18401), and this part, as a termination or revocation, as the case may be, of an election described in paragraph (1) for state purposes and a separate termination or revocation of an election described in paragraph (1) under paragraph (3) of subdivision (

e) of

Section 23051.5 shall not be allowed. (

B) Section 856(g)(5)(

C) of the Internal Revenue Code shall not apply. (3) (

A) Except as provided in subparagraph (B), this subdivision shall apply to any election to be a real estate investment trust that is effective for federal purposes for taxable years beginning on or after January 1, 2001. (

B) Subparagraph (

B) of paragraph (2) shall apply to taxable years beginning on or after January 1, 2005.