Alabama Administrative Code
Title 810 - Alabama Department of Revenue
Chapter 810-3-6 - GAIN OR LOSS - BASIS OF PROPERTY; ADJUSTED BASIS
810-3-6-.10 - Basis Of Property Received In Liquidation In Which Gain Or Loss Is Recognized
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(New Rule: Filed April 28, 1999; effective June 2, 1999.)
Statutory Authority:Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.