Texas § ED.43.019 - ACCOUNTING TREATMENT OF CERTAIN EXCHANGES
Full text of Texas The Texas Constitution § ED.43.019 — ACCOUNTING TREATMENT OF CERTAIN EXCHANGES, with citation guidance and answers to common questions.
§ ED.43.019. ACCOUNTING TREATMENT OF CERTAIN EXCHANGES
ACCOUNTING TREATMENT OF CERTAIN EXCHANGES. The State Board of Education may account for the exchange of permanent school fund securities in a closely related sale and purchase transaction in a manner in which the gain or loss on the sale is deferred as an adjustment to the book value of the security purchased, if: (1) the security sold and the security purchased have a fixed maturity value; (2) the board is authorized by law to invest the permanent school fund in the security purchased; (3) the sale is made in clear contemplation of reinvesting substantially all of the proceeds; (4) substantially all of the proceeds are reinvested; (5) the transaction is completed within a reasonable time after the sale, not to exceed 30 business days; and (6) the transaction results in an improvement in effective income yield, taking into consideration the deferral of any gain or loss on the sale. Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § ED.43.019
What does The Texas Constitution § ED.43.019 cover?
Section ED.43.019 ("ACCOUNTING TREATMENT OF CERTAIN EXCHANGES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § ED.43.019?
A common citation format is "The Texas Constitution § ED.43.019" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § ED.43.019 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.