Alabama Administrative Code
Title 810 - Alabama Department of Revenue
Chapter 810-3-6 - GAIN OR LOSS - BASIS OF PROPERTY; ADJUSTED BASIS
810-3-6-.15 - Basis Of Replacement Property In Sale Of Stock To An Employee Stock Ownership Plan Or Cooperative

Universal Citation: AL Admin Code R 810-3-6-.15

810-3-6-.15. Basis Of Replacement Property In Sale Of Stock To An Employee Stock Ownership Plan Or Cooperative

If securities are sold to an employee stock ownership plan or an eligible work-owned cooperative, and gain was not recognized pursuant to § 40-18-8(n), Code of Ala. 1975, the basis of the qualified replacement property, as defined by 26 U.S.C. § 1042, shall be determined in accordance with 26 U.S.C. § 1042(d). 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.)

Note:

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

Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.