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Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

within such three-year period, or within such three-year period, or within such three-year period, or if the taxpayer does not continue if the taxpayer does not continue if the taxpayer does not continue qualified under subparagraph (A) qualified under subparagraph (A) qualified under subparagraph (A) until the completion of such trans- until the completion of such trans-until the completion of such transfer, the assessment and collection of fer, the assessment and collection of fer, the assessment and collection all income, war-profits, and excess- all income, war-profits, and excess- of all income, war-profits, and exprofits taxes then imposed by profits taxes then imposed by cess-profits taxes then imposed by law for such taxable year or sub-law for such taxable year or sub-law for such taxable year or subsequent taxable years, to the extent sequent taxable years, to the extent sequent taxable years, to the extent attributable to property so re- attributable to property so re- attributable to property SO received. A distribution otherwise ceived. A distribution otherwise ceived. A distribution otherwise constituting a distribution in com- constituting a distribution in com- constituting a distribution in complete liquidation within the mean- plete liquidation within the mean- plete liquidation within the meaning of this paragraph shall not be ing of this paragraph shall not be ing of this paragraph shall not be considered as not constituting such considered as not constituting such considered as not constituting such distribution merely because it a distribution merely because it a distribution merely because it does not constitute a distribution does not constitute a distribution does not constitute a distribution or liquidation within the meaning or liquidation within the meaning or liquidation within the meaning of the corporate law under which of the corporate law under which of the corporate law under which the distribution is made; and for the distribution is made; and for the distribution is made; and for the purposes of this paragraph a the purposes of this paragraph a the purposes of this paragraph a transfer of property of such other transfer of property of such other transfer of property of such other corporation to the taxpayer shall corporation to the taxpayer shall corporation to the taxpayer shall not be considered as not constitut- not be considered as not constitut- not be considered as not constituting a distribution (or one of a ing a distribution (or one of a ing a distribution (or one of a series of distributions) in series of distributions) in com- series of distributions) in com

a

com

plete cancellation or redemption plete cancellation or redemption plete cancellation or redemption

of all the stock of such other cor- of all the stock of such other cor- of all the stock of such other corporation, merely because the carry-poration, merely because the carry-poration, merely because the carrying out of the plan involves (i) ing out of the plan involves (i) ing out of the plan involves (i) the transfer under the plan to the the transfer under the plan to the the transfer under the plan to the taxpayer by such other corpora- taxpayer by such other corpora- taxpayer by such other corporation of property, not attributable tion of property, not attributable tion of property, not attributable to shares owned by the taxpayer, to shares owned by the taxpayer, to shares owned by the taxpayer, an an exchange described in upon an exchange described in upon exchange described in paragraph (4) of this subsection, paragraph (4) of this subsection, paragraph (4) of this subsection, and (ii) the complete cancellation and (ii) the complete cancellation and (ii) the complete cancellation or redemption under the plan, as or redemption under the plan, as or redemption under the plan, as a result of exchanges described in a result of exchanges described in a result of exchanges described in paragraph (3) of this subsection, paragraph (3) of this subsection, paragraph (3) of this subsection, of the shares not owned by the of the shares not owned by the of the shares not owned by the taxpayer. taxpayer.

upon

Sec. 112. (b) (7) Election as to recognition of gain in certain corporate liquidations.

Sec. 112 (b) (7) of the Revenue Act of 1938 was not incorporated into I. R. C. For this section, see Eighth Edition, p. 146.

taxpayer.

Sec. 112. (b) (7) Election as to recognition of gain in certain corporate liquidations.—

Sec. 112 (b) (7) of the Revenue Act of 1938 was not incorporated into I. R. C. For this section, see Eighth Edition, p. 146.

Sec. 112. (b) (7) Election as to recognition of gain in certain corporate liquidations.

Sec. 112 (b) (7) of the Revenue Act of 1938 was not incorporated into I. R. C. For this section, see Eighth Edition, p. 146.

Sec. 112. (b) (8) Exchanges and Sec. 112. (b) (8) Exchanges and Sec. 112. (b) (8) Exchanges and distributions in obedience to or- distributions in obedience to or- distributions in obedience to orders of Securities and Exchange ders of Securities and Exchange ders of Securities and Exchange Commission. In the case of any Commission.-In the case of any Commission.-In the case of any exchange or distribution described exchange or distribution described exchange or distribution described in section 371, no gain or loss shall in section 371, no gain or loss shall in section 371, no gain or loss shall be recognized to the extent speci- be recognized to the extent speci- be recognized to the extent specified in such section with respect to fied in such section with respect to fied in such section with respect to such exchange or distribution. such exchange or distribution. such exchange or distribution.

Sec. 112. (b) (9) Loss not rec- Sec. 112. (b) (9) Loss not rec- Sec. 112. (b) (9) Loss not recognized on certain railroad reor-ognized on certain railroad reor- ognized on certain railroad reorganizations. No loss shall be rec-ganizations.-No loss shall be rec- | ganizations.-No loss shall be recognized if property of a railroad ognized if property of a railroad ognized if property of a railroad

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within such three-year period, or within such three-year period, or
f the taxpayer does not continue if the taxpayer does not continue
qualified under subparagraph (A) qualified under subparagraph (A)
until the completion of such trans- until the completion of such trans-
ter, the assessment and collection fer, the assessment and collection
of all income, war-profits, and ex- of all income, war-profits, and ex-
ess-profits taxes then imposed by cess-profits taxes then imposed by
law for such taxable year or sub- law for such taxable year or sub-
sequent taxable years, to the extent sequent taxable years, to the extent
attributable to property so re- attributable to property so re-
ceived. A distribution otherwise ceived. A distribution otherwise
constituting a distribution in com- constituting a distribution in com-
plete liquidation within the mean- plete liquidation within the mean-
ing of this paragraph shall not be ing of this paragraph shall not be
considered as not constituting such considered as not constituting such
a distribution merely because it a distribution merely because it
does not constitute a distribution does not constitute a distribution
or liquidation within the meaning or liquidation within the meaning
of the corporate law under which of the corporate law under which
the distribution is made; and for the distribution is made; and for
the purposes of this paragraph a the purposes of this paragraph a
transfer of property of such other transfer of property of such other
corporation to the taxpayer shall corporation to the taxpayer shall
not be considered as not constitut- not be considered as not constitut-
ng a distribution (or one of a ing a distribution (or one of a
series of distributions) in com- series of distributions) in com-
plete cancellation or redemption plete cancellation or redemption
of all the stock of such other cor- of all the stock of such other cor-
poration, merely because the carry-poration, merely because the carry-
ing out of the plan involves (i) ing out of the plan involves (i)
the transfer under the plan to the the transfer under the plan to the
taxpayer by such other corpora- taxpayer by such other corpora-
tion of property, not attributable tion of property, not attributable
to shares owned by the taxpayer, to shares owned by the taxpayer,
apon an exchange described in upon an exchange described in
paragraph (4) of this subsection, paragraph (4) of this subsection,
and (ii) the complete cancellation and (ii) the complete cancellation
or redemption under the plan, as or redemption under the plan, as
a result of exchanges described in a result of exchanges described in
paragraph (3) of this subsection, paragraph (3) of this subsection,
of the shares not owned by the of the shares not owned by the
taxpayer.
taxpayer.

Sec. 112. (b) (7) Election as to recognition of gain in certain corporate liquidations.—

Sec. 112 (b) (7) of the Revenue Act of 1938 was not incorporated into I. R. C. For this section, see Eighth Edition, p. 146.

Sec. 112. (b) (7) Election as to
recognition of gain in certain cor-
porate liquidations.—

Sec. 112 (b) (7) of the
Revenue Act of 1938 was not
incorporated into I. R. C.
For this section see Eighth
Edition, p. 146.

Sec. 112. (b) (8) Exchanges and Sec. 112. (b) (8) Exchanges and distributions in obedience to or- distributions in obedience to orders of Securities and Exchange ders of Securities and Exchange Commission. In the case of any Commission. In the case of any exchange or distribution described exchange or distribution described in section 371, no gain or loss shall in section 371, no gain or loss shall be recognized to the extent speci- be recognized to the extent specified in such section with respect to fied in such section with respect to sich exchange or distribution. such exchange or distribution.

Sec. 112. (b) (9) Loss not recognized on certain railroad reorganizations. No loss shall be recognized if property of a railroad |

Taxable Years

Beginning before 1939

Sec. 112. (b) (7) Election as to recognition of gain in certain corporate liquidations.

See p. 146, Eighth Edition.

Sec. 112. (b) (8) Exchanges and distributions in obedience to orders of Securities and Exchange Commission.

See p. 147, Eighth Edition.

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941-

corporation, as defined in section corporation, as defined in section corporation, as defined in section 77m of the National Bankruptcy 77m of the National Bankruptcy 77m of the National Bankruptcy Act, as amended, is transferred, Act, as amended, is transferred, Act, as amended, is transferred, after December 31, 1939, in pur- after December 31, 1939, in pur-after December 31, 1939, in pursuance of an order of the court suance of an order of the court suance of an order of the court having jurisdiction of such corpo- having jurisdiction of such corpo- having jurisdiction of such corpo

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to a railroad corporation, as de- to a railroad corporation, as de- to a railroad corporation, as defined in section 77m of the Na- fined in section 77m of the Na- fined in section 77m of the National Bankruptcy Act, as amended, tional Bankruptcy Act, as amended, tional Bankruptcy Act, as amended, organized or made use of to ef-organized or made use of to ef- organized or made use of to effectuate a plan of reorganization fectuate a plan of reorganization fectuate a plan of reorganization approved by the court in such pro-approved by the court in such pro-approved by the court in such proceeding. The term "reorganiza-ceeding. The term "reorganiza-ceeding. The term "reorganization", as used in this paragraph, tion", as used in this paragraph, tion", as used in this paragraph. shall not be limited by the defi- shall not be limited by the defi- shall not be limited by the definition of such term in subsection nition of such term in subsection nition of such term in subsection (g). (g). (g).

Sec. 112 (b) (9), I. R. C., supra, added to I. R. C. by Sec. 142 (a), R. A. of 1942. Sec. 142 (a) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939.

Sec. 112. (c) Gain from exchanges not solely in kind.

Sec. 112 (b) (9), I. R. C., supra, added to I. R. C. by Sec. 142 (a), R. A. of 1942. Sec. 142 (d) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939.

Sec. 112. (c) Gain from exchanges not solely in kind.—

Sec. 112 (b) (9), I. R. C., supra, added to I. R. C. by Sec. 142 (a), R. A. of 1942. Sec. 142 (d) of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1939.

Sec. 112. (c) Gain from exchanges not solely in kind.

Sec. 112. (c) (1) If an exchange would be within the provisions of subsection (b) (1), (2), (3), or

- Sec. 112. (c) (1) If an exchange Sec. 112. (c) (1) If an exchange would be within the provisions of would be within the provisions of subsection (b) (1), (2), (3), or subsection (b) (1), (2), (3), or (5) of this section if it were not (5) of this section if it were not (5) of this section if it were not for the fact that the property re- for the fact that the property received in exchange consists not ceived in exchange consists not only of property permitted by such only of property permitted by such paragraph to be received without paragraph to be received without the recognition of gain, but also of the recognition of gain, but also of other property or money, then the other property or money, then the gain, if any, to the recipient shall gain, if any, to the recipient shall be recognized, but in an amount be recognized, but in an amount not in excess of the sum of such not in excess of the sum of such money and the fair market value of money and the fair market value of such other property. such other property.

for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain, but also of other property or money, then the gain, if any, to the recipient shall be recognized, but in an amount not in excess of the sum of such money and the fair market value of such other property.

Sec. 112. (c) (2) If a distribu- Sec. 112. (c) (2) If a distribu- Sec. 112. (c) (2) If a distribution made in pursuance of a plan tion made in pursuance of a plan tion made in pursuance of a plan of reorganization is within the pro- of reorganization is within the pro- of reorganization is within the provisions of paragraph (1) of this visions of paragraph (1) of this visions of paragraph (1) of this subsection but has the effect of the subsection but has the effect of the subsection but has the effect of the distribution of a taxable dividend, distribution of a taxable dividend, distribution of a taxable dividend. then there shall be taxed as a divi- then there shall be taxed as a divi- then there shall be taxed as a dividend to each distributee such an dend to each distributee such an dend to each distributee such an amount of the gain recognized un- amount of the gain recognized un-amount of the gain recognized under paragraph (1) as is not in ex- der paragraph (1) as is not in ex- der paragraph (1) as is not in excess of his ratable share of the un-cess of his ratable share of the un- cess of his ratable share of the undistributed earnings and profits of distributed earnings and profits of distributed earnings and profits of the corporation accumulated after the corporation accumulated after the corporation accumulated after February 28, 1913. The remainder, February 28, 1913. The remainder, February 28, 1913. The remainder, if any, of the gain recognized un- if any, of the gain recognized un- if any, of the gain recognized under

Taxable Years
Beginning in 1940

orporation, as defined in section 7m of the National Bankruptcy Act, as amended, is transferred, after December 31, 1939, in puruance of an order of the court Saving jurisdiction of such corpo

-ation

(A) in a receivership proceedng, or

(B) in a proceeding under secion 77 of the National Bankruptcy Act, as amended,

to a railroad corporation, as defined in section 77m of the National Bankruptcy Act, as amended, organized or made use of to effectuate a plan of reorganization approved by the court in such proceeding. The term "reorganization," as used in this paragraph, shall not be limited by the definition of such term in subsection (g).

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Sec. 112 (b) (9), I. R. C., supra, added to I. R. C. by Sec. 142 (a), R. A. of 1942. Sec. 142 (d) of said Act makes amendment applicable to taxable years beginning after Dec. 31,

1939.

Sec. 112. (c) Gain from exchanges not solely in kind.

Sec. 112. (c) Gain from exchanges not solely in kind.

Sec. 112. (c) (1) If an exchange Sec. 112. (c) (1) If an exchange
would be within the provisions of would be within the provisions of
subsection (b) (1), (2), (3), or subsection (b) (1), (2), (3), or
(5) of this section if it were not (5) of this section if it were not
for the fact that the property re- for the fact that the property re-
ceived in exchange consists not ceived in exchange consists not only
only of property permitted by such of property permitted by such
paragraph to be received without paragraph to be received without
the recognition of gain, but also of
other property or money, then the
ain, if any, to the recipient shall
be recognized, but in an amount
not in excess of the sum of such
money and the fair market value of
such other property.

the recognition of gain, but also of
other property or money, then the
gain, if any, to the recipient shall
be recognized, but in an amount not
in excess of the sum of such money
and the fair market value of such
other property.

Sec. 112. (c) (2) If a distribu- Sec. 112. (c) (2) If a distribution made in pursuance of a plan tion made in pursuance of a plan of reorganization is within the pro- of reorganization is within the provisions of paragraph (1) of this visions of paragraph (1) of this subsection but has the effect of the subsection but has the effect of the distribution of a taxable dividend, distribution of a taxable dividend, then there shall be taxed as a divi- then there shall be taxed as a dividend to each distributee such an dend to each distributee such an amount of the gain recognized un- amount of the gain recognized under paragraph (1) as is not in ex- der paragraph (1) as is not in exress of his ratable share of the un- cess of his ratable share of the undistributed earnings and profits of distributed earnings and profits of the corporation accumulated after the corporation accumulated after February 28, 1913. The remainder, February 28, 1913. The remainder, any, of the gain recognized under if any, of the gain recognized under

if

Sec. 112. (c) Gain from exchanges not solely in kind.

See p. 148, Eighth Edition.

Taxable Years
Beginning in 1943

Taxable Years
Beginning in 1942

Taxable Years
Beginning in 1941

der paragraph (1) shall be taxed der paragraph (1) shall be taxed paragraph (1) shall be taxed as a as a gain from the exchange of as a gain from the exchange of gain from the exchange of propproperty. property. erty.

Sec. 112. (d) Same-Gain of Sec. 112. (d) Same-Gain of Sec. 112. (d) Same-Gain of corporation.—If an exchange corporation.-If an exchange corporation.—If an exchange would be within the provisions of would be within the provisions of would be within the provisions of subsection (b) (4) of this section subsection (b) (4) of this section subsection (b) (4) of this section if it were not for the fact that the if it were not for the fact that the if it were not for the fact that the property received in exchange con- property received in exchange consists not only of stock or securities | sists not only of stock or securities permitted by such paragraph to be permitted by such paragraph to be received without the recognition of received without the recognition of gain, but also of other property or gain, but also of other property or money, thenmoney, then

Sec. 112. (d) (1) If the corpora

property received in exchange consists not only of stock or securities permitted by such paragraph to be received without the recognition of gain, but also of other property or money, then

Sec. 112. (d) (1) If the corporaSec. 112. (d) (1) If the corporation receiving such other property tion receiving such other property tion receiving such other property or money distributes it in pursu- or money distributes it in pursu- or money distributes it in pursuance of the plan of reorganization, ance of the plan of reorganization, ance of the plan of reorganization, no gain to the corporation shall be no gain to the corporation shall be no gain to the corporation shall be recognized from the exchange, but recognized from the exchange, but recognized from the exchange, but

Sec. 112. (d) (2) If the corpora

Sec. 112. (d) (2) If the corpora- Sec. 112. (d) (2) If the corporation receiving such other property tion receiving such other property tion receiving such other property or money does not distribute it in or money does not distribute it in or money does not distribute it in pursuance of the plan of reorgani- pursuance of the plan of reorgani- pursuance of the plan of reorganization, the gain, if any, to the cor-zation, the gain, if any, to the cor-zation, the gain, if any, to the corporation shall be recognized, but in poration shall be recognized, but in poration shall be recognized, but in an amount not in excess of the sum an amount not in excess of the sum an amount not in excess of the sum of such money and the fair market of such money and the fair market value of such other property so received, which is not so distributed.

value of such other property so re-
ceived, which is not so distributed.

Sec. 112. (e) Loss from ex- Sec. 112. (e) Loss from exchanges not solely in kind.—If an changes not solely in kind. If an exchange would be within the pro- exchange would be within the provisions of subsection (b) (1) to visions of subsection (b) (1) to (5), inclusive, of this section if it (5), inclusive, of this section if it were not for the fact that the prop- were not for the fact that the property received in exchange consists erty received in exchange consists not only of property permitted by not only of property permitted by such paragraph to be received with- such paragraph to be received without the recognition of gain or loss, out the recognition of gain or loss, but also of other property or but also of other property or money, then no loss from the ex- money, then no loss from the exchange shall be recognized. change shall be recognized.

of such money and the fair market value of such other property so received, which is not so distributed.

Sec. 112. (e) Loss from exchanges not solely in kind.—If an exchange would be within the provisions of subsection (b) (1) to (5), inclusive, of this section if it were not for the fact that the property received in exchange consists not only of property permitted by such paragraph to be received without the recognition of gain or loss, but also of other property or money, then no loss from the exchange shall be recognized.

Sec. 112. (f) Involuntary con- Sec. 112. (f) Involuntary con- Sec. 112. (f) Involuntary conversions. If property (as a result versions.-If property (as a result versions. If property (as a result of its destruction in whole or in of its destruction in whole or in of its destruction in whole or in part, theft, or seizure, or an exer- part, theft or seizure, or an exer- part, theft or seizure, or an exercise of the power of requisition or cise of the power of requisition or cise of the power of requisition or condemnation, or the threat or im- condemnation, or the threat or im- condemnation, or the threat or imminence thereof) is compulsorily or minence thereof) is compulsorily or minence thereof) is compulsorily or involuntarily converted into prop-involuntarily converted into prop- involuntarily converted into property similar or related in service or erty similar or related in service or erty similar or related in service or use to the property so converted, or use to the property so converted, or use to the property so converted, or into money which is forthwith in into money which is forthwith in into money which is forthwith in good faith, under regulations pre- good faith, under regulations pre- good faith, under regulations prescribed by the Commissioner with scribed by the Commissioner with scribed by the Commissioner with the approval of the Secretary, ex- the approval of the Secretary, ex- the approval of the Secretary, expended in the acquisition of other pended in the acquisition of other pended in the acquisition of other property similar or related in serv- property similar or related in serv- property similar or related in service or use to the property so con-ice or use to the property so con- ice or use to the property so con

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