Laws, Regulations & Annotations

S

740.0000 SITUS

Annotation 740.0031

740.0031 Documented Vessels. When a vessel documented in California and owned by a California resident is documented elsewhere and relocated to a foreign country, the vessel will continue to be taxable in California until the owner establishes to the assessor that the vessel has acquired situs elsewhere. It is presumed that if a vessel owned by a California resident is plying the waters of this state, it is sited in California and does not have situs somewhere else. C 3/27/1998.