{"identifier":"/us/usc/t26/s1032","title":26,"num":"\u00a7\u202f1032.","heading":"Exchange of stock for property","text":"\u00a7\u202f1032.\nExchange of stock for property\n(a)\nNonrecognition of gain or loss\nNo gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of such corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in section 1234B), to buy or sell its stock (including treasury stock).\n(b)\nBasis\nFor basis of property acquired by a corporation in certain exchanges for its stock, see section 362.","url":"https://projectusc.org/usc/t26/s1032.html","content":[{"t":"sec","id":"/us/usc/t26/s1032","children":[{"t":"num","text":"\u00a7\u202f1032."},{"t":"heading","text":"Exchange of stock for property"},{"t":"subsec","id":"/us/usc/t26/s1032/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Nonrecognition of gain or loss"},{"t":"content","children":[{"t":"p","text":"No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of such corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in section 1234B), to buy or sell its stock (including treasury stock).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s1032/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Basis"},{"t":"content","children":[{"t":"p","text":"For basis of property acquired by a corporation in certain exchanges for its stock, see section 362.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}