
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2148]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
                 SUBCHAPTER III--BANKS FOR COOPERATIVES
 
           Part B--United and National Banks for Cooperatives
 
Sec. 2148. Transactions to accomplish merger

    The receipt of assets or assumption of liabilities by the 
consolidated bank, the exchange of stock, equities, or other ownership 
interests, and any other transaction carried out in accomplishing the 
merger of the banks for cooperatives shall not be treated as a taxable 
event under the laws of the United States or of any State or political 
subdivision thereof. The preceding sentence shall also apply to the 
receipt of assets and liabilities by a cooperative to the extent that 
the net amount of the distribution is immediately reinvested in stock of 
a consolidated bank (and in such case the basis of such stock shall be 
appropriately reduced by the amount of gain not recognized by reason of 
this sentence).

(Pub. L. 92-181, title III, Sec. 3.27, as added Pub. L. 100-233, title 
IV, Sec. 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100-399, 
title IV, Sec. 407(g), Aug. 17, 1988, 102 Stat. 1001.)


                               Amendments

    1988--Pub. L. 100-399 substituted ``cooperative'' for ``taxable 
institution''.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective as if enacted immediately 
after enactment of Pub. L. 100-233, which was approved Jan. 6, 1988, see 
section 1001(a) of Pub. L. 100-399, set out as a note under section 2002 
of this title.
