Section 24357-2 - Contributions or Gifts by Banks and Corporations(a) In General. The deduction by a bank or corporation in any income year for charitable contributions, as defined in Section 24359, is limited to 5 per cent of its net income for the year, computed without regard to: (1) The deduction for charitable contributions.(2) The special deductions for banks and corporations allowed under Article 2 (commencing at Section 24401) of Chapter 7 (except Sections 24407 to 24409, inclusive). A contribution by a bank or corporation to a trust, chest, fund, or foundation organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes or for the prevention of cruelty to children or animals is deductible only if the contribution is to be used in the United States or its possessions for those purposes. See Section 24359(b).(b) Election by Banks and Corporations on an Accrual Method. A bank or corporation reporting its net income on an accrual method may elect to have a charitable contribution (as defined in Section 24359) considered as paid during the income year, if payment is actually made on or before the fifteenth day of the third month following the close of the year and if, during the year, the board of directors authorized the contribution. The election must be made at the time the return for the income year is filed, by reporting the contribution on the return. There shall be attached to the return when filed a written declaration that the resolution authorizing the contribution was adopted by the board of directors during the income year, and the declaration shall be verified by a statement signed by an officer authorized to sign the return that it is made under the penalties of perjury. There shall also be attached to the return when filed a copy of the resolution of the board of directors authorizing the contribution.Cal. Code Regs. Tit. 18, §§ 24357-2
1. New Section filed 5-3-61; effective thirtieth day thereafter (Register 61, No. 9).
2. Amendment filed 12-22-69; effective thirtieth day thereafter (Register 69, No. 52).
3. Renumbering and amendment of Section 24357-24359(b) to Section 24357-2 filed 9-3-82; effective thirtieth day thereafter (Register 82, No. 37). Note: Authority cited: Section 26422, Revenue and Taxation Code. Reference: Section 24357, Revenue and Taxation Code.
1. New Section filed 5-3-61; effective thirtieth day thereafter (Register 61, No. 9).
2. Amendment filed 12-22-69; effective thirtieth day thereafter (Register 69, No. 52).
3. Renumbering and amendment of Section 24357-24359(b) to Section 24357-2 filed 9-3-82; effective thirtieth day thereafter (Register 82, No. 37).