California Revenue And Taxation Code Section 17008.5

Section 7704 of the Internal Revenue Code, relating to certain publicly traded partnerships treated as corporations, shall apply, except as otherwise provided. (a) Section 7704(a) of the Internal Revenue Code shall not apply to an electing 1987 partnership (as defined in Section 23038.5) which is subject to the tax imposed by Section 23038.5. (b) The amendment made to this section by the act adding this subdivision shall apply to taxable years beginning on or after January 1, 1998.