California Revenue and Taxation Code Clause Samples

California Revenue and Taxation Code. The Retailer and the Lender hereby make an irrevocable election pursuant to section 6055(b)(4), California Revenue and Taxation Code, that designates and entitles the Lender (and not the Retailer) to claim the deduction or refund provided under section 6055(b) with respect to any Accounts found worthless and charged off for income tax purposes. The effective date of the election is January 1, 2000.