Effective for tax years beginning after December 31, 1997, if property is acquired in an applicable asset acquisition as defined by 26 U.S.C. §1060, the basis of the acquired property shall be determined in accordance with 26 U.S.C. §1060. Federal regulations and determinations for 26 U.S.C. §1060 will be followed in the administration of this section.

Author: Ed Cutter, CPA

Statutory Authority: Code of Ala. 1975, §§40-2A-7(a)(5), 40-18-6.

History: New Rule: Filed April 28, 1999; effective June 2, 1999.