Section 17088 - Applicability of Subchapter M of Chapter 1 of Subtitle A of IRC(a) Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code, relating to regulated investment companies and real estate investment trusts, shall apply, except as otherwise provided.(b) Section 17145 shall apply in lieu of Section 852(b)(5) of the Internal Revenue Code, relating to exempt-interest dividends.(c)(1) Section 852(b)(3)(D) of the Internal Revenue Code, relating to treatment by shareholders of undistributed capital gains, shall not apply.(2) Section 852(g)(1)(A) of the Internal Revenue Code is modified by substituting the phrase "subdivision (a) of Section 17145" for the phrase "the first sentence of subsection (b)(5)" contained therein.Ca. Rev. and Tax. Code § 17088
Amended by Stats 2015 ch 359 (AB 154),s 5, eff. 9/30/2015, op. for taxable years beginning on or after 1/1/2015.Amended by Stats 2011 ch 490 (AB 1423),s 1, eff. 10/6/2011.