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26 U.S.C. § 1021 — Sale of annuities
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 20 words · no verdicts yet
in plain englishAI-generated · not legal advice
When an annuity contract is sold, its adjusted basis can never be less than zero.
For an annuity contract that is sold, the adjusted basis may not be less than zero.
the actual law source: uscode.house.gov ↗public domain
In case of the sale of an annuity contract, the adjusted basis shall in no case be less than zero.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 302.)
history & why it existsrecord from the source credit
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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