California Revenue & Taxation Code
Cal. Rev. & Tax. Code § 12231
Official textleginfo.legislature.ca.gov
In the case of an insurer transacting title insurance in this State, the basis of the tax is, in respect to each year, all income upon business done in this State, except:
# (a)
Interest and dividends.
# (b)
Rents from real property.
# (c)
Profits from the sale or other disposition of investments.
# (d)
Income from investments.
Source: view the official text