Chapter 11. Gross Income of Nonresidents - California Revenue and Taxation Code Section 17952

17952.  For purposes of computing "taxable income of a nonresident
or part-year resident" under paragraph (1) of subdivision (i) of
Section 17041, income of nonresidents from stocks, bonds, notes, or
other intangible personal property is not income from sources within
this state unless the property has acquired a business situs in this
state, except that if a nonresident buys or sells such property in
this state or places orders with brokers in this state to buy or sell
such property so regularly, systematically, and continuously as to
constitute doing business in this state, the profit or gain derived
from such activity is income from sources within this state
irrespective of the situs of the property.

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Last modified: February 16, 2015