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26 U.S.C. § 1032 — Exchange of stock for property
Federal law — U.S. Code and appendices · legal_authorities
**(a) Nonrecognition of gain or loss** No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of such corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in section 1234B), to buy or sell its stock (including treasury stock).
**(b) Basis** For basis of property acquired by a corporation in certain exchanges for its stock, see section 362.
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Source file: Laws/federal/codes/united-states-code/title-26/section-1032-exchange-of-stock-for-property--8593dd08e1.md
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Source location: Title 26, Chapter 1, § 1032; chapter-001-normal-taxes-and-surtaxes.md
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**(a) Nonrecognition of gain or loss** No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of such corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in section 1234B), to buy or sell its stock (including treasury stock).
**(b) Basis** For basis of property acquired by a corporation in certain exchanges for its stock, see section 362.
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subtitle—
(1) In determining the period for which the taxpayer has held property received in an exchange, there shall be included the period for which he held the property exchanged if, under this chapter, the property has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as the property exchanged, and, in the case of such exchanges the property exchanged at the time of such exchange was a capital asset as defined in section 1221 or property described in section 1231. For purposes of this paragraph—
(A) an involuntary conversion described in section 1033 shall be considered an exchange of the property converted for the property acquired, and
(B) a distribution to which section 355 (or so much of section 356 as relates to section 355) applies shall be treated as an exchange.
(2) In determining the period for which the taxpayer has held property however acquired there shall be included the period for which such property was held by any other person, if under this chapter such property has, for the purpose of determining gain or loss from a sale or exchange, the same basis in whole or in part in his hands as it would have in the hands of such other person.
(3) In determining the period for which the taxpayer has held stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility (under section 1091 relating to wash sales) of the loss from the sale or other disposition of substantially identical stock or securities, there shall be included the period for which he held the stock or securities the loss from the sale or other disposition of which was not deductible.
(4) In determining the period for which the taxpayer ha
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1223
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Federal law — U.S. Code and appendices · legal_authorities
Page 2273
TITLE 26—INTERNAL REVENUE CODE
§ 1032
EFFECTIVE DATE OF 1997 AMENDMENT
Pub. L. 105–34, title X, § 1052(b), Aug. 5, 1997, 111 Stat.
941, provided that:
‘‘(1) IN GENERAL.—The amendment made by this sec-
tion [amending this section] shall apply to transfers
after June 8, 1997, in taxable years ending after such
date.
‘‘(2) BINDING CONTRACTS.—The amendment made by
this section shall not apply to any transfer pursuant to
a written binding contract in effect on June 8, 1997, and
at all times thereafter before the disposition of prop-
erty. A contract shall not fail to meet the requirements
of the preceding sentence solely because—
‘‘(A) it provides for a sale in lieu of an exchange, or
‘‘(B) the property to be acquired as replacement
property was not identified under such contract be-
fore June 9, 1997.’’
EFFECTIVE DATE OF 1990 AMENDMENT
Pub. L. 101–508, title XI, § 11701(h), Nov. 5, 1990, 104
Stat. 1388–508, provided that the amendment made by
that section is effective with respect to transfers after
Aug. 3, 1990.
Pub. L. 101–508, title XI, § 11703(d)(2), Nov. 5, 1990, 104
Stat. 1388–517, provided that: ‘‘The amendment made by
paragraph (1) [amending this section] shall apply to
transfers after July 18, 1984.’’
EFFECTIVE DATE OF 1989 AMENDMENT
Pub. L. 101–239, title VII, § 7601(b), Dec. 19, 1989, 103
Stat. 2371, provided that:
‘‘(1) IN GENERAL.—Except as provided in paragraph (2),
the amendments made by this section [amending this
section] shall apply to transfers after July 10, 1989, in
taxable years ending after such date.
‘‘(2) BINDING
CONTRACT.—The amendments made by
this section shall not apply to any transfer pursuant to
a written binding contract in effect on July 10, 1989,
and at all times thereafter before the transfer.’’
EFFE
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1032
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