Us Code § 1054 - Certain stock of Federal National Mortgage Association
Full text of Us Code United States Code § 1054 — Certain stock of Federal National Mortgage Association, with citation guidance and answers to common questions.
§ 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.
(Added Pub. L. 86–779, §8(b), Sept. 14, 1960, 74 Stat. 1003.)
Editorial Notes
Prior Provisions
A prior section 1054 was renumbered section 1062 of this title.
Statutory Notes and Related Subsidiaries
Effective Date
Section 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.
About This Section
26 U.S.C. § 1054 is part of Title 26 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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