§ 24942. — 24942. (Amended by Stats. 2002, Ch. 35, Sec. 58.)

California § 24942.

• Jurisdiction: California
• Code RTC: Revenue and Taxation Code - RTC
• Div. 2.: DIVISION 2. OTHER TAXES
• Part 11.: PART 11. CORPORATION TAX LAW
• Ch. 15.: CHAPTER 15. Gain or Loss on Disposition of Property
• Art. 3.: ARTICLE 3. Nontaxable Exchanges

Text

(a)
No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of that corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in Section 1234B of the Internal Revenue Code, to buy or sell its stock (including treasury stock).
(b)
For basis of property acquired by a
corporation in certain exchanges for its stock, see Sections 24552 to 24554, inclusive.

Legislative History

Amended by Stats. 2002, Ch. 35, Sec. 58. Effective May 8, 2002.