California Statutes
§ 24965. — 24965. (Added by Stats. 1961, Ch. 846.)
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. 4. ARTICLE 4. Special Rules for Basis
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 24343(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.
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California § 24965. (24965. (Added by Stats. 1961, Ch. 846.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1961, Ch. 846.