26 U.S.C. § 1032
§ 1032. Exchange of stock for property
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed December 21, 2000 by the Public Law 106-554.
Every change, newest first (3)
- December 21, 2000Public Law 106-554
- July 18, 1984Deficit Reduction Act of 1984
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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 such 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), to buy or sell its stock (including treasury stock).
For basis of property acquired by a corporation in certain exchanges for its stock, see section 362.