Section 1032 of the Internal Revenue Code
Title 26 — Internal Revenue Code ("IRC")
Sub Title A — Income Taxes
Chapter 1 — Normal Taxes and Surtaxes
Subchapter O — Gain or Loss on Disposition of Property
Part III — Common Non-Taxable Exchanges
Updated: Friday, July 14, 2006
(a) Nonrecognition of gain or loss --
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).
(b) Basis --
For basis of property acquired by a corporation in certain exchanges for its stock, see section 362.
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