California § 24353 - The basis on which exhaustion, wear and tear, and obsolescence are to be allowed
Full text of California Public Contract Code - PCC § 24353 — The basis on which exhaustion, wear and tear, and obsolescence are to be allowed, with citation guidance and answers to common questions.
§ 24353. The basis on which exhaustion, wear and tear, and obsolescence are to be allowed
(a) The basis on which exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the adjusted basis provided in Section 24911 for the purpose of determining the gain on the sale or other disposition of the property. (b) If any property is acquired subject to a lease, each of the following shall apply: (1) No portion of the adjusted basis shall be allocated to the leasehold interest. (2) The entire adjusted basis shall be taken into account in determining the depreciation deduction, if any, with respect to the property subject to lease.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 24353
What does Public Contract Code - PCC § 24353 cover?
Section 24353 ("The basis on which exhaustion, wear and tear, and obsolescence are to be allowed") 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 § 24353?
A common citation format is "Public Contract Code - PCC § 24353" (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 § 24353 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.