Cal. Code Regs. Tit. 18, §§ 24345-3

Current through Register 2024 Notice Reg. No. 40, October 4, 2024

Section 24345-3 - Federal Stamp Taxes

No deduction is allowed under Section 24345 for Federal stamp taxes (not described in Section 24345-1(b) or (c)), paid or accrued within the income year. The fact that any such tax is not deductible as a tax under Section 24345 does not prevent its deduction under Section 24343, provided it represents an ordinary and necessary expense paid or incurred during the income year by a corporation in the conduct of any trade or business or, its being taken into account during the income year as a part of the cost of acquiring or producing property in the trade or business.

Cal. Code Regs. Tit. 18, §§ 24345-3

1. New Reg. 24345(c) filed 12-14-64; effective thirtieth day thereafter (Register 64, No. 25).
2. Renumbering and amendment of Section 24345(c) to Section 24345-3 filed 9-3-82; effective thirtieth day thereafter (Register 82, No. 37).

Note: Authority cited: Section 26422, Revenue and Taxation Code. Reference: Section 24345, Revenue and Taxation Code.

1. New Reg. 24345(c) filed 12-14-64; effective thirtieth day thereafter (Register 64, No. 25).
2. Renumbering and amendment of Section 24345(c) to Section 24345-3 filed 9-3-82; effective thirtieth day thereafter (Register 82, No. 37).