2018 US Code
Title 12 - Banks and Banking
Chapter 23 - Farm Credit System
Subchapter III - Banks for Cooperatives
Part B - National Banks for Cooperatives
Sec. 2148 - Transactions to accomplish merger
12 U.S.C. § 2148 (2018) |
§2148. Transactions to accomplish merger |
The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence). |
(Pub. L. 92–181, title III, §3.27, as added Pub. L. 100–233, title IV, §415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, §407(g), Aug. 17, 1988, 102 Stat. 1001.) |
AMENDMENTS
1988—Pub. L. 100–399 substituted "cooperative" for "taxable institution". EFFECTIVE DATE OF 1988 AMENDMENTAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title. |
United States Code, 2018 Edition, Title 12 - BANKS AND BANKING |
Bills and Statutes |
United States Code |
Y 1.2/5: |
Title 12 - BANKS AND BANKING CHAPTER 23 - FARM CREDIT SYSTEM SUBCHAPTER III - BANKS FOR COOPERATIVES Part B - National Banks for Cooperatives Sec. 2148 - Transactions to accomplish merger |
section 2148 |
2018 |
January 14, 2019 |
No |
standard |
101 Stat. 1644 102 Stat. 1001 |
Public Law 92-181, Public Law 100-233, Public Law 100-399 |