2017 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
| 26 U.S.C. § 1054 (2017) |
| §1054. Certain stock of Federal National Mortgage Association |
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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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(Added Pub. L. 86–779, §8(b), Sept. 14, 1960, 74 Stat. 1003.) |
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PRIOR PROVISIONS
A prior section 1054 was renumbered section 1062 of this title. EFFECTIVE DATESection 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. |
| United States Code, 2012 Edition, Supplement 5, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| 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 |
| section 1054 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 74 Stat. 1003 |
| Public Law 86-779 |
