Is Cal. Rev. & Tax. Code § 24942 — Nontaxable Exchanges still in force?

Statute · California Revenue and Taxation Code

Cal. Rev. & Tax. Code § 24942 — Nontaxable Exchanges

Cal. Rev. & Tax. Code § 24942

Type: Statute
Source: California Revenue and Taxation Code
Jurisdiction: California
Date: 2002-05-08
Current through: Nov 2, 2026 (California Legislative Counsel)

Citator

Cal. Rev. & Tax. Code § 24942 — Nontaxable Exchanges is in force in the current edition of the Code, and nothing recorded condemns it.

(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.