Section 17076 - Applicability of IRC Section 67(a) Section 67 of the Internal Revenue Code, relating to the 2-percent floor on miscellaneous itemized deductions, shall apply, except as otherwise provided. (b) A deduction allowable under this part that exceeds three thousand dollars ($3,000) and is described in Section 17049, relating to computation of tax where taxpayer restores a substantial amount held under claim of right, may not be treated as a miscellaneous itemized deduction under Section 67 of the Internal Revenue Code, as applicable for purposes of this part.Ca. Rev. and Tax. Code § 17076
Amended by Stats 2004 ch 354 (AB 3073),s 9, eff. 8/27/2004.Amended October 10, 1999 (Bill Number: SB 1229) (Chapter 987).