GroundRules
RTC § 24942
Where this section sits in the code
- Revenue and Taxation Code - RTC
- DIVISION 2. OTHER TAXES [6001. - 61050.]
- PART 11. CORPORATION TAX LAW [23001. - 25141.]
- CHAPTER 15. Gain or Loss on Disposition of Property [24901. - 24998.]
- ARTICLE 3. Nontaxable Exchanges [24941. - 24956.]
(a) 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 that 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 of the Internal Revenue Code, to buy or sell its stock (including treasury stock).
(b) For basis of property acquired by a corporation in certain exchanges for its stock, see Sections 24552 to 24554, inclusive.
Collected 2026-09-14T05:56:33Z. Source file · JSON