Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-8 - RECOGNITION OF GAIN OR LOSS
Section 810-3-8-.19 - Sales Of Stock To Employee Stock Ownership Plans Or Certain Cooperatives

Universal Citation: AL Admin Code R 810-3-8-.19

Current through Register Vol. 42, No. 11, August 30, 2024

(1) The amount of gain recognized by a taxpayer who has made a valid election under 26 U.S.C. § 1042, relating to sales of stock to employee stock ownership plans or certain cooperatives, shall be determined in accordance with 26 U.S.C. § 1042.

(2) If a taxpayer disposes of qualified replacement property, as defined by 26 U.S.C. § 1042, and recognizes gain under 26 U.S.C. § 1042(e), then the gain shall be recognized to the same extent and at the same time as under 26 U.S.C. § 1042(e).

(3) For interpretation of federal statutes adopted by the Alabama Legislature see Rule 810-3-1.1 -.01, Operating Rules.

Authors: Verlon R. Frost, Jeff Taylor, Ed Cutter, CPA

Statutory Authority: Code of Ala. 1975, §§ 40-2A-7 -(a)(5), 40-18-1.

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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.