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26 U.S.C. § 1054 — Certain stock of Federal National Mortgage Association
Federal law — U.S. Code and appendices · legal_authorities
In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by section 162(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.
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Source file: Laws/federal/codes/united-states-code/title-26/section-1054-certain-stock-of-federal-national-mortgage-association--6c7c88a8cc.md
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Source location: Title 26, Chapter 1, § 1054; chapter-001-normal-taxes-and-surtaxes.md
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In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by section 162(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.
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Federal law — U.S. Code and appendices · legal_authorities
(1) For nonrecognition of gain in connection with the transfer of obsolete vessels to the Maritime Administration under chapter 573 of title 46, United States Code, see [section 57307 of title 46](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section57307&num=0&edition=prelim).
(2) For recognition of gain or loss in connection with the construction of new vessels, see chapter 533 of title 46, United States Code.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1063
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including—
(1) a reasonable allowance for salaries or other compensation for personal services actually rendered;
(2) traveling expenses (including amounts expended for meals and lodging other than amounts which are lavish or extravagant under the circumstances) while away from home in the pursuit of a trade or business; and
(3) rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity.
For purposes of the preceding sentence, the place of residence of a Member of Congress (including any Delegate and Resident Commissioner) within the State, congressional district, or possession which he represents in Congress shall be considered his home, but amounts expended by such Members within each taxable year for living expenses shall not be deductible for income tax purposes. For purposes of paragraph (2), the taxpayer shall not be treated as being temporarily away from home during any period of employment if such period exceeds 1 year. The preceding sentence shall not apply to any Federal employee during any period for which such employee is certified by the Attorney General (or the designee thereof) as traveling on behalf of the United States in temporary duty status to investigate or prosecute, or provide support services for the investigation or prosecution of, a Federal crime.
**(b) Charitable contributions and gifts excepted** No deduction shall be allowed under subsection (a) for any contribution or gift which would be al
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 162
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Federal law — U.S. Code and appendices · legal_authorities
Page 2294
TITLE 26—INTERNAL REVENUE CODE
§ 1054
mining the fair market value of stock in a cor-
poration as of March 1, 1913, due regard shall be
given to the fair market value of the assets of
the corporation as of that date.
(Aug. 16, 1954, ch. 736, 68A Stat. 311; Pub. L.
85–866, title I, § 47, Sept. 2, 1958, 72 Stat. 1642.)
Editorial Notes
AMENDMENTS
1958—Pub. L. 85–866 substituted ‘‘subtitle’’ for ‘‘part’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1958 AMENDMENT
Amendment by Pub. L. 85–866 applicable to taxable
years beginning after Dec. 31, 1953, and ending after
Aug. 16, 1954, see section 1(c)(1) of Pub. L. 85–866, set out
as a note under section 165 of this title.
§ 1054. Certain stock of Federal National Mort-
gage Association
In the case of a share of stock issued pursuant
to section 303(c) of the Federal National Mort-
gage Association Charter Act (12 U.S.C., sec.
1718), the basis of such share in the hands of the
initial holder shall be an amount equal to the
capital contributions evidenced by such share
reduced by the amount (if any) required by sec-
tion 162(d) to be treated (with respect to such
share) as ordinary and necessary expenses paid
or incurred in carrying on a trade or business.
(Added Pub. L. 86–779, § 8(b), Sept. 14, 1960, 74
Stat. 1003.)
Editorial Notes
PRIOR PROVISIONS
A prior section 1054 was renumbered section 1062 of
this title.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section applicable with respect to taxable years be-
ginning after Dec. 31, 1959, see section 8(d) of Pub. L.
86–779, set out as an Effective Date of 1960 Amendment
note under section 162 of this title.
§ 1055. Redeemable ground rents
(a) Character
For purposes of this subtitle—
(1) a redeemable ground rent sha
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 1054
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