California Revenue & Taxation Code
Cal. Rev. & Tax. Code § 23459
For purposes of this part, the provisions of Section 59 of the Internal Revenue Code are modified as follows:
# (a)
Section 59(a) of the Internal Revenue Code, relating to the alternative minimum tax foreign tax credit, shall not be applicable.
# (b)
Section 59(b) of the Internal Revenue Code, relating to income eligible for the credit under Section 936 of the Internal Revenue Code, shall not be applicable.
# (c)
Subparagraphs (A), (B), and (C) of Section 59(e)(2) of the Internal Revenue Code, relating to qualified expenditures, are modified to refer to:
(1)Section 24364, in lieu of the deduction under Section 173 of the Internal Revenue Code.
(2)Section 24423, in lieu of the deduction under Section 263(c) of the Internal Revenue Code.
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