Ala. Admin. Code r. 810-3-6-.10 - Basis Of Property Received In Liquidation In Which Gain Or Loss Is Recognized
If property is received in a distribution in complete liquidation in which a gain or loss is recognized on receipt of the property, the basis of the property received shall be determined in accordance with 26 U.S.C. § 334(a). For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1 -.01, Operating Rules.
Author: Ed Cutter, CPA
Notes
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.
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