Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-6 - GAIN OR LOSS - BASIS OF PROPERTY; ADJUSTED BASIS
Section 810-3-6-.07 - Basis Of Property Transferred To A Corporation
Current through Register Vol. 42, No. 11, August 30, 2024
(1) For tax periods beginning after December 31, 1984:
(2) Transfers to corporation where control of property remains in same person - prior to January 1, 1985. Property transferred to a corporation in connection with a reorganization as defined in § 40-18-8(f) after December 31, 1932, but before January 1, 1985, where control as defined in 26 U.S.C. § 368 (c) remains with the transferor, shall have the same basis as it would have in the hands of the transferor together with gain or loss recognized to the transferor on the transfer. This rule does not apply if the property acquired consists of stock or securities in a corporation, a party to the reorganization, unless the consideration in whole or in part is the stock or securities of the corporation acquiring the property.
Author: Ed Cutter, CPA
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.