26 U.S.C. § 1054

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 1054 - Certain stock of Federal National Mortgage Association

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.

26 U.S.C. § 1054

Added Pub. L. 86-779, §8(b), Sept. 14, 1960, 74 Stat. 1003.

EDITORIAL NOTES

PRIOR PROVISIONSA prior section 1054 was renumbered section 1062 of this title.

STATUTORY NOTES AND RELATED SUBSIDIARIES

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.

stock

The term "stock" includes shares in an association, joint-stock company, or insurance company.

trade or business

The term "trade or business" includes the performance of the functions of a public office.