California § 24344.5 - A deduction, determined in accordance with Section 163(e) of the Internal Revenue
Full text of California Public Contract Code - PCC § 24344.5 — A deduction, determined in accordance with Section 163(e) of the Internal Revenue, with citation guidance and answers to common questions.
§ 24344.5. A deduction, determined in accordance with Section 163(e) of the Internal Revenue
(a) A deduction, determined in accordance with Section 163(e) of the Internal Revenue Code, shall be allowed to the issuer of an original issue discount bond. (b) For taxable years beginning on or after January 1, 1987, and before the taxable year in which the debt obligation matures or is sold, exchanged, or otherwise disposed, the amount deductible under this part shall be the same as the amount deductible on the federal tax return. (c) The difference between the amount deductible on the federal tax return and the amount allowable under this part, with respect to obligations issued after December 31, 1984, for taxable years beginning before January 1, 1987, shall be allowed as a deduction in the taxable year in which the debt obligation matures or is sold, exchanged, or otherwise disposed. (d) The provisions of Section 7202(c) of Public Law 101-239, relating to the effective date for treatment of certain high yield original issue discount obligations, shall apply.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 24344.5
What does Public Contract Code - PCC § 24344.5 cover?
Section 24344.5 ("A deduction, determined in accordance with Section 163(e) of the Internal Revenue") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 24344.5?
A common citation format is "Public Contract Code - PCC § 24344.5" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 24344.5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.