California § 24966 - The basis in stock purchased shall be reduced by the nontaxed portion of any extr
Full text of California Public Contract Code - PCC § 24966 — The basis in stock purchased shall be reduced by the nontaxed portion of any extr, with citation guidance and answers to common questions.
§ 24966. The basis in stock purchased shall be reduced by the nontaxed portion of any extr
(a) The basis in stock purchased shall be reduced by the nontaxed portion of any extraordinary dividend received as provided in Section 1059 of the Internal Revenue Code, except as otherwise provided in this section. (b) The reduction described in Section 1059(b)(2)(B) of the Internal Revenue Code shall be the amount determined under Section 24402. (c) Reference to Section 301 of the Internal Revenue Code shall be reference to Sections 24451 to 24454, inclusive. (d) Reference to Section 301(b)(2) of the Internal Revenue Code shall be reference to subdivision (b) of Section 24452. (e) Reference to Section 301(c)(2) of the Internal Revenue Code shall be reference to subdivision (b) of Section 24453.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 24966
What does Public Contract Code - PCC § 24966 cover?
Section 24966 ("The basis in stock purchased shall be reduced by the nontaxed portion of any extr") 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 § 24966?
A common citation format is "Public Contract Code - PCC § 24966" (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 § 24966 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.