Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-8 - RECOGNITION OF GAIN OR LOSS
Section 810-3-8-.05 - Transfer Of Property To Corporation Controlled By Transferor
Universal Citation: AL Admin Code R 810-3-8-.05
Current through Register Vol. 42, No. 11, August 30, 2024
(1) For transactions after December 31, 1984.
(a) If
property is transferred to a corporation in a transaction which satisfies the
requirements of 26 U.S.C. §
351, relating to transfers to corporations
controlled by the transferor, the amount of gain or loss shall be determined in
accordance with 26 U.S.C. §
351, as modified by 26 U.S.C. §
357,
relating to the recognition of gain as a result of the transferee corporation's
assumption of liabilities.
(2) For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1 -.01, Operating Rules.
Author: Nancy D. Hatfield
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-8.
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