
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: 26USC1054]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
          Subchapter O--Gain or Loss on Disposition of Property
 
                         PART IV--SPECIAL RULES
 
Sec. 1054. Certain stock of Federal National Mortgage 
        Association
        
    In the case of a share of stock issued pursuant to section 303(c) of 
the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 
1718), the basis of such share in the hands of the initial holder shall 
be an amount equal to the capital contributions evidenced by such share 
reduced by the amount (if any) required by section 162(d) to be treated 
(with respect to such share) as ordinary and necessary expenses paid or 
incurred in carrying on a trade or business.

(Added Pub. L. 86-779, Sec. 8(b), Sept. 14, 1960, 74 Stat. 1003.)


                            Prior Provisions

    A prior section 1054 was renumbered section 1061 of this title.


                             Effective Date

    Section applicable with respect to taxable years beginning after 
Dec. 31, 1959, see section 8(d) of Pub. L. 86-779, set out as an 
Effective Date of 1960 Amendment note under section 162 of this title.
