Internal Revenue Code · 26 U.S.C.
§ 1054. Certain stock of Federal National Mortgage Association
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 1054
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Added
- September 14, 1960 by Pub. L. 86–779
- Length
- 96 words · about 1 min to read
- Cross-references
- cites 1; cited by 0 Code sections and 2 other regulations
- Regulations
- 1 issued under this section
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, § 8(b), Sept. 14, 1960, 74 Stat. 1003.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 1054
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 1 other section
Cited in 2 regulations not issued under it
Amendment history
From the source credit and the official notes, newest first.
- Added by Pub. L. 86–779
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter O Gain or Loss on Disposition of Property
- Part IV SPECIAL RULES
Nearby sections
- § 1051 Repealed
- § 1052 Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939
- § 1053 Property acquired before March 1, 1913
- § 1054 Certain stock of Federal National Mortgage Association
- § 1055 Redeemable ground rents
- § 1056 Repealed
- § 1057 Repealed
- § 1058 Transfers of securities under certain agreements
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Prior Provisions
A prior section 1054 was renumbered section 1063 of this title.
Statutory Notes and Related Subsidiaries
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.