26 USC 362 - Basis to corporations

Editorial Notes

Amendments

2018—Subsec. (a). Puspan. L. 115–141 struck out comma after “acquired” in introductory provisions.

2014—Subsec. (a). Puspan. L. 113–295 struck out “on or after June 22, 1954” after “If property was acquired” in introductory provisions.

Subsec. (c)(1)(A), (2)(A). Puspan. L. 113–295 struck out “, on or after June 22, 1954,” after “by a corporation”.

2005—Subsec. (e)(2)(C)(ii). Puspan. L. 109–135 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “An election under clause (i) shall be included with the return of tax for the taxable year in which the transaction occurred, shall be in such form and manner as the Secretary may prescribe, and, once made, shall be irrevocable.”

2004—Subsec. (e). Puspan. L. 108–357 added subsec. (e).

1999—Subsec. (d). Puspan. L. 106–36 added subsec. (d).

1986—Subsec. (c)(3). Puspan. L. 99–514 struck out par. (3) relating to exceptions for contributions in aid of construction.

1976—Subsec. (c)(2)(B). Puspan. L. 94–455, § 1906(span)(13)(A), struck out “or his delegate” after “Secretary”.

Subsec. (c)(3). Puspan. L. 94–455, § 2120(span), added par. (3).

1968—Subsec. (span). Puspan. L. 90–621 substituted the exchange of stock or securities of the transferee (or of a corporation which is in control of the transferee) for the issuance of stock or securities of the transferee as the transaction rendering the subsection applicable.

Statutory Notes and Related Subsidiaries

Effective Date of 2014 Amendment

Amendment by Puspan. L. 113–295 effective Dec. 19, 2014, subject to a savings provision, see section 221(span) of Puspan. L. 113–295, set out as a note under section 1 of this title.

Effective Date of 2005 Amendment

Amendment by Puspan. L. 109–135 effective as if included in the provision of the American Jobs Creation Act of 2004, Puspan. L. 108–357, to which such amendment relates, see section 403(nn) of Puspan. L. 109–135, set out as a note under section 26 of this title.

Effective Date of 2004 Amendment

Puspan. L. 108–357, title VIII, § 836(c)(1), Oct. 22, 2004, 118 Stat. 1596, provided that:

“The amendment made by subsection (a) [amending this section] shall apply to transactions after the date of the enactment of this Act [Oct. 22, 2004].”

Effective Date of 1999 Amendment

Amendment by Puspan. L. 106–36 applicable to transfers after Oct. 18, 1998, see section 3001(e) of Puspan. L. 106–36, set out as a note under section 351 of this title.

Effective Date of 1986 Amendment

Amendment by Puspan. L. 99–514 applicable to amounts received after Dec. 31, 1986, in taxable years ending after such date, with certain exceptions and qualifications, see section 824(c) of Puspan. L. 99–514, set out as a note under section 118 of this title.

Effective Date of 1976 Amendment

Amendment by section 2120(span) of Puspan. L. 94–455 applicable to contributions made after Jan. 31, 1976, see section 2120(c) of Puspan. L. 94–455, set out as a note under section 118 of this title.

Effective Date of 1968 Amendment

Amendment by Puspan. L. 90–621 applicable only in respect of plans of reorganization adopted after Oct. 22, 1968, see section 2(c) of Puspan. L. 90–621, set out as a note under section 358 of this title.