(a) Effect of qualifying transfer If a share of stock is transferred to an individual in a transfer in respect of which the requirements of section 422(a) or 423(a) are met- (1) no income shall result at the time of the transfer of such share to the individual upon his exercise of the option with respect to such share; (2) no deduction under section 162 (relating to trade or business expenses) shall be allowable at any time to the employer corporation, a parent or subsidiary corporation of such corporation