Cal. Code Regs. Tit. 18, § 24377(b) - Time and Manner of Making Election and Revocation

(1) Election. The claiming of a deduction on the taxpayer's return for an amount to which Section 24377 applies for amounts (otherwise chargeable to capital account) expended for fertilizer, lime, etc., shall constitute an election under Section 24377 and subsection (1) of Reg. 24377(a). Such election shall be effective only for the income year for which the deduction is claimed.

(2) Revocation. Once the election is made for any income year such election may not be revoked without the consent of the Franchise Tax Board. Such requests for consent shall be in writing and signed by the taxpayer or its authorized representative and shall set forth--

(A) The name and address of the taxpayer;

(B) The income year to which the revocation of the election is to apply;

(C) The amount of expenditures paid or incurred during the income year or portions thereof (where applicable), previously taken as a deduction on the return in respect of which the revocation of the election is to be applicable; and

(D) The reasons for the request to revoke the election.

Notes

Cal. Code Regs. Tit. 18, § 24377(b)

1. New section filed 1-6-69; effective thirtieth day thereafter (Register 69, No. 2).[FN*]
This regulation is substantially the same as Section 26 CFR 1.180-2.

1. New section filed 1-6-69; effective thirtieth day thereafter (Register 69, No. 2).