Ala. Admin. Code r. 810-3-6-.10

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

Section 810-3-6-.10 - Basis Of Property Received In Liquidation In Which Gain Or Loss Is Recognized

If property is received in a distribution in complete liquidation in which a gain or loss is recognized on receipt of the property, the basis of the property received shall be determined in accordance with 26 U.S.C. § 334(a). 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.