26 U.S.C. § 1054 — Certain stock of Federal National Mortgage Association
submitted 66 years ago by Pub. L. 86-779 to r/title-26-INTERNAL-REVENUE-CODE · 83 words · no verdicts yet
For a Federal National Mortgage Association share issued under the cited Charter Act provision, the initial holder’s basis is the evidenced capital contribution reduced by any amount treated as a business expense under section 162(d).
For a share issued under section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1718), the initial holder’s basis equals the capital contributions evidenced by the share, minus any amount section 162(d) requires to be treated for that share as an ordinary and necessary trade-or-business expense.
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*.
Source credit: (Added Pub. L. 86–779, § 8(b), Sept. 14, 1960, 74 Stat. 1003.)
- 1960Enacted · Pub. L. 86-779 · 74 Stat. 1003
A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-779 on 1960-09-14.
all 0 arguments · sorted by: best
no arguments yet — make the first case