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15. Tax Status of Relocation Benefits <br />California Government Code Section 7269 indicates no relocation payment received shall be considered <br />as income for the purposes of the Personal Income Tax Law, Part 10 (commencing with Section 170 01) <br />of Division 2 of the Revenue. and Taxation Code, or the Bank and Corporation Tax law, Part 11 <br />(commencing with Section 23001) of Division 2 of the Revenue and Taxation rode. Furtheimore, federal <br />regulations (49 CFR Part 24, Section 24.209) also indicate that no payment received under this part (Part <br />24) shall be considered as income for the purpose of the Internal Revenue Code'of 1954, which has been <br />redesignated as the Internal Revenue Code of 1956. No federal' dollars are anticipated for this project <br />Therefore, federal regulations may not apply and the IRS may consider relocation payments as income <br />The preceding statement is not tendered as legal advice in regard to tax consequences, and displacees <br />should consult with their own tax advisor or legal "counsel to determine the current status of such <br />payments. <br />(IRScrru/ar2M oWavr& To en ure cwnpl ante wrdr requtemen& imposedby ft IR!� we rn(crm you thatany <br />tax advice ccabined fn flu's cevnmunrrauon (indud,'ng airy atbchments) n3s net inteadd or.nrrtfe+ to be vm� <br />and cannotbeused, for the purpas-e a°f) avoiding tax- ebtedperiakPes corder the Intemal Revenue Cade or(n) <br />prawft rg marke7ng ermcommenofng to anotherpvtyahymatters eddiesssd here'7) <br />16. Additional Information <br />If you have further questions after reading this brochure, contact Overland, Pacific & Cutler, LLC and <br />discuss your concerns with your relocation agent. You may wish to review the California Relocation <br />Assistance Act regulations which describe the relocation process in more detail. <br />o14aD2012CvuLvdPic&Cutiu.LLC Deo -12) Pap_10cf1a <br />75B-71 <br />