26 U.S.C. § 1058 — Transfers of securities under certain agreements
submitted 48 years ago by Pub. L. 95-345 to r/title-26-INTERNAL-REVENUE-CODE · 221 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
In the case of a taxpayer* who transfers securities (as defined in section 1236(c)) pursuant to an agreement which meets the requirements of subsection (b), no gain or loss shall be recognized on the exchange of such securities by the taxpayer for an obligation under such agreement, or on the exchange of rights under such agreement by that taxpayer for securities identical to the securities transferred by that taxpayer.
In order to meet the requirements of this subsection, an agreement shall—
provide for the return to the transferor of securities identical to the securities transferred;
require that payments shall be made to the transferor of amounts equivalent to all interest, dividends, and other distributions which the owner of the securities is entitled to receive during the period beginning with the transfer of the securities by the transferor and ending with the transfer of identical securities back to the transferor;
not reduce the risk of loss or opportunity for gain of the transferor of the securities in the securities transferred; and
meet such other requirements as the Secretary* may by regulation prescribe.
Property acquired by a taxpayer described in subsection (a), in a transaction described in that subsection, shall have the same basis as the property transferred by that taxpayer.
Source credit: (Added Pub. L. 95–345, § 2(d)(1), Aug. 15, 1978, 92 Stat. 482.)
- 1978Enacted · Pub. L. 95-345 · 92 Stat. 482
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-345 on 1978-08-15.
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