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California Code, Revenue and Taxation Code - RTC § 24701

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Section 471 of the Internal Revenue Code,  1 relating to the general rule for inventories, shall apply, except as otherwise provided.

(b)(1) For taxable years beginning on or after January 1, 2019, amendments made by Section 13102(c) of the Tax Cuts and Jobs Act (Public Law 115-97)  2 to Section 471 of the Internal Revenue Code, relating to the general rule for inventories, shall apply, except as otherwise provided.

(2)(A) Any change in method of accounting made pursuant to this subdivision shall be treated for purposes of applying Section 24721, as initiated by the taxpayer and made with the consent of the Franchise Tax Board.

(B) Section 13102(e)(1) of the Tax Cuts and Jobs Act (Public Law 115-97) does not apply to this subdivision.

(C) Notwithstanding subparagraph (B), a taxpayer may elect to apply the provisions of this subdivision to taxable years beginning on or after January 1, 2018, and before January 1, 2019.

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

1 26 U.S.C.A. § 471.
2 For public law sections classified to the U.S.C.A., see USCA-Tables.
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Cite this article: FindLaw.com - California Code, Revenue and Taxation Code - RTC § 24701 - last updated January 01, 2025 | https://codes.findlaw.com/ca/revenue-and-taxation-code/rtc-sect-24701/

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