Today's Law As Amended


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SB-1602 Income taxes: theft loss.(2001-2002)



As Amends the Law Today


SECTION 1.

 Section 17204.1 is added to the Revenue and Taxation Code, to read:

17204.1.
 Section 165(e) of the Internal Revenue Code, relating to theft losses, is modified for purposes of this part to provide that any loss arising from theft shall, at the option of the taxpayer, affect the tax calculation for either of the following:
(a) The taxable year in which the taxpayer discovers that loss.
(b) The taxable year in which the loss occurred, provided that the claim for that loss on the taxpayer’s return is not barred by the applicable statute of limitations.
SEC. 2.
 This act provides for a tax levy within the meaning of Article IV of the Constitution and shall go into immediate effect.