No deduction shall be allowed for both of the following:
(a) Any amount paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate. This subdivision shall not apply to:
(1) Expenditures for the development of mines or deposits deductible under Section 616 of the Internal Revenue Code.
(2) Soil and water conservation expenditures deductible under Section 24369.
(3) Expenditures for farmers for fertilizer, etc., deductible under Section 24377.
(4) Research and experimental expenditures deductible under Section 24365.
(5) Expenditures for which a deduction is allowed under Section 24356.7.
(6) Expenditures for removal of architectural and transportation barriers to the handicapped and elderly that the taxpayer elects to deduct under Section 24383.
(b) Any amount expended in restoring property or in making good the exhaustion thereof for which an allowance is or has been made.
(Amended by Stats. 2011, Ch. 296, Sec. 285. (AB 1023) Effective January 1, 2012.)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
