| 1032. Exchange of stock for property |
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| (a) Nonrecognition of gain or loss |
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| 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). |
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| (b) Basis |
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| For basis of property acquired by a corporation in certain exchanges for its stock, see section 362. |
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