Ala. Admin. Code r. 810-3-6-.09

Current through Register Vol. 43, No. 1, October 31, 2024

Section 810-3-6-.09 - Basis Of Property Of A Subsidiary After Acquisition

If an election under 26 U.S.C. § 338 is in effect for federal income tax purposes, the basis of property owned by a corporation shall be determined under 26 U.S.C. § 338 relating to the treatment of certain stock purchases as asset acquisitions. For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1 -.01, Operating Rules.

Author: Ed Cutter, CPA

New Rule: Filed April 28, 1999; effective June 2, 1999.

Statutory Authority:Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.