Special Rules for Basis
Cal. RTC § 24961
California Statutes
In the case of the property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property, after such period of affiliation, shall be determined, in accordance with regulations prescribed by the Franchise Tax Board without regard to intercompany transactions in respect of which gain or loss was not recognized. The basis in case of property acquired by a corporation during any period, in the income year or any subsequent income year, in respect of which a consolidated return is made by such corporation under
Article of
Chapter or
Section of the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of 1936, or in the case of a corporation subject to the tax imposed by
Chapter 3, the Federal Revenue Act of 1938, shall be determined in accordance with regulations prescribed under
Article of
Chapter or
Section of the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of 1936, or in the case of a corporation subject to the tax imposed by
Chapter 3, the Federal Revenue Act of 1938. The basis in the case of property held by a corporation during any period, in the income year or any subsequent income year, in respect of which a consolidated return is made by such corporation under
Article of
Chapter or
Section of the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of 1936, or, in the case of a corporation subject to the tax imposed by
Chapter 3, or the Federal Revenue Act of 1938, shall be adjusted in respect of any items relating to such period, in accordance with regulations prescribed under
Article of
Chapter or
Section of the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of or the Federal Revenue Act of 1936, or in the case of a corporation subject to the tax imposed by