Ala. Admin. Code r. 810-3-6-.12 - Basis Of Property Acquired In Connection With An Involuntary Conversion
(1)
After December 31, 1984. The basis of property acquired in connection with an
involuntary conversion in which a gain or loss was not recognized shall be
determined according to 26
U.S.C. §
1033. For interpretation of federal
statutes adopted by the Alabama Legislature see Rule 810-3-1.1 -.01, Operating
Rules.
(2) Prior to January 1,
1985. The basis of property acquired in connection with an involuntary
conversion (as described in §
40-18-8(f),
Code of Ala. 1975, in effect prior to January 1, 1985)
shall be the same as the property converted, less the amount of money received
but not expended by the taxpayer, increased by any recognized gain or decreased
by any recognized loss upon the conversion.
Author: Judy A. Robbins
Notes
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.
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