Section 17250.5 - Modification of IRC Section 167(g); IRC Section 167(h) not applicable(a) Section 167(g) of the Internal Revenue Code, relating to depreciation under income forecast method, shall be modified as follows: (1) Section 167(g)(2)(C) of the Internal Revenue Code is modified by substituting "Section 19521" for "Section 460(b)(7)" of the Internal Revenue Code.(2) Section 167(g)(5)(D) of the Internal Revenue Code is modified by substituting "Part 10.2 (commencing with Section 18401) (other than Section 19136)" for "Subtitle F (other than Sections 6654 and 6655)." (3) Section 167(g)(5)(E) of the Internal Revenue Code, relating to treatment of distribution costs, shall not apply.(4) Section 167(g)(7) of the Internal Revenue Code, relating to treatment of participations and residuals, shall not apply.(b) Section 167(h) of the Internal Revenue Code, relating to amortization of geological and geophysical expenditures, shall not apply.Ca. Rev. and Tax. Code § 17250.5
Amended by Stats 2010 ch 14 (SB 401),s 20, eff. 1/1/2011.Amended by Stats 2005 ch 691 (AB 115),s 29, eff. 1/1/2006