2016 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter O - Gain or Loss on Disposition of Property
Part IV - Special Rules
Sec. 1054 - Certain stock of Federal National Mortgage Association

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Citation 26 U.S.C. § 1054 (2016)
Section Name §1054. Certain stock of Federal National Mortgage Association
Section Text

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.)

Editorial Notes PRIOR PROVISIONS

A prior section 1054 was renumbered section 1061 of this title.

EFFECTIVE DATE

Section applicable with respect to taxable years beginning 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.

Publication Title United States Code, 2012 Edition, Supplement 4, Title 26 - INTERNAL REVENUE CODE
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter O - Gain or Loss on Disposition of Property
PART IV - SPECIAL RULES
Sec. 1054 - Certain stock of Federal National Mortgage Association
Contains section 1054
Date 2016
Laws In Effect As Of Date January 6, 2017
Positive Law No
Disposition standard
Statutes at Large Reference 74 Stat. 1003
Public Law References Public Law 86-779
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