California § 531.5 - If a business inventories exemption has been incorrectly allowed because of erron
Full text of California Public Contract Code - PCC § 531.5 — If a business inventories exemption has been incorrectly allowed because of erron, with citation guidance and answers to common questions.
§ 531.5. If a business inventories exemption has been incorrectly allowed because of erron
If a business inventories exemption has been incorrectly allowed because of erroneous or incorrect information submitted by the taxpayer or his agent misclassifying as business inventories property not includible in âbusiness inventories,â as that term is defined in Section 129, an escape assessment in the amount of the exemption shall be made on discovery of the error. Interest shall be added to the assessment in the amount and manner provided by Section 506. If the exemption was incorrectly allowed because of erroneous or incorrect information submitted by the taxpayer or his agent with knowledge that such information was erroneous or incorrect, the penalty provided in Section 504 shall be added to the assessment.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 531.5
What does Public Contract Code - PCC § 531.5 cover?
Section 531.5 ("If a business inventories exemption has been incorrectly allowed because of erron") 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 § 531.5?
A common citation format is "Public Contract Code - PCC § 531.5" (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 § 531.5 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.