- (1) For transactions occurring after December 31, 1984, no gain or loss shall be recognized on the receipt by a corporation of property distributed in complete liquidation of another corporation as described in 26 U.S.C. §332. For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1-.01, Operating Rules.
- (2) See Reg. 810-3-6-.02 for determining the basis of property received by a corporation in a distribution under this rule.
Author: Verlon R. Frost, Jeff Taylor
Statutory Authority: Code of Ala. 1975, §§40-18-8, 40-18-57.
History: Filed July 27, 1988. Amended: Filed March 4, 1997; effective April 8, 1997. Amended: Filed April 28, 1999; effective June 2, 1999.