26 U.S.C. § 1054
§ 1054. Certain stock of Federal National Mortgage Association
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1960 by the Public Law 86-779. Last changed September 14, 1960 by the Public Law 86-779.
Every change, newest first (1)
- September 14, 1960Public Law 86-779 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.