Revenue and Taxation Code - RTC
DIVISION 2. OTHER TAXES [6001 - 61050]
( Heading of Division 2 amended by Stats. 1968, Ch. 279. ) PART 11. CORPORATION TAX LAW [23001 - 25141]
( Heading of Part 11 amended by Stats. 2001, Ch. 543, Sec. 21. ) CHAPTER 13. Accounting Periods and Methods of Accounting [24631 - 24726]
( Chapter 13 added by Stats. 1955, Ch. 938. ) ARTICLE 3. Year of Inclusion [24661 - 24679]
( Article 3 added by Stats. 1955, Ch. 938. ) 24673.
Where a corporation subject to the tax imposed by Chapter 2 is engaged in the performance of a contract in this State which will require more than a year to complete, the Franchise Tax Board may require that the income from the contract be reported on the basis of percentage of completion unless the corporation furnishes bond or other security guaranteeing the payment of a tax measured by the income received on the completion of the contract even though the corporation is not doing business in this State in the year subsequent to the year of completion.
(Added by Stats. 1955, Ch. 938.)