Alabama Administrative Code
Title 810 - Alabama Department of Revenue
Chapter 810-3-6 - GAIN OR LOSS - BASIS OF PROPERTY; ADJUSTED BASIS
810-3-6-.09 - Basis Of Property Of A Subsidiary After Acquisition
810-3-6-.09. Basis Of Property Of A Subsidiary After Acquisition
If an election under 26 U.S.C. § 338 is in effect for federal income tax purposes, the basis of property owned by a corporation shall be determined under 26 U.S.C. § 338 relating to the treatment of certain stock purchases as asset acquisitions. For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1-.01, Operating Rules.
Author: Ed Cutter, CPA(New Rule: Filed April 28, 1999; effective June 2, 1999.)
Statutory Authority:Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.