Page:United States Statutes at Large Volume 43 Part 1.djvu/287

256 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. Cggwgggén 0, (c) The amoimt realized from the sale or other disposition of mmegom sm, ac., roperty shall be the sum of any money received plus the fair mar- °'*"°"°"" Bet value of the property (other than money) received. _ _ 0¤=¤1¢¤°¤¤¤‘*°¤¤°¤- (d) In the case of a sale or exchange, the extent to which the gain or loss determined under this section shall be for the ram. purposes of this title, shall be determined under the provisions of section 203. I¤*°|*“m, °¤* ¥"‘Y‘ e Nothi in this section shall be construed to prevent (in the mm caée )of proplgty sold imder contract providing for pglyment in installments) the taxation of that portion of any instal ent payment representing gain or profit in the year in which such payment 1S received. ”gS¤i:_ ag', M _*¤>¤¤ nncoorrrrron or cam on Loss mom snnns AND nxornivons. ¤§E,'£i'°°'°°°”tr°°°" Sec. 203. (a) Upon the sa.le·or exchange of property the entire amount of the gain or loss, determined under section 202, shall be recognized, except as hereinafter perovided this section. §§ ,0, (b) (1) No gain or loss shall recognized if property_ held for ¤¤g:Q§_:*?§•;·;¤· productive use m trade or business or for investment (lnot mcludmg P stock in trade or other property held primarily for sa e, nor stocks, bonds, notes, ehoses in action, certificates of trust or beneficial interest, or other securities or evidences of indebtedness or interest) 1S _ exchanged solely for property of a like kind to be held either for prom£$t£ipl°¤ii°§rn$li?°k m ductive use in trade or business or for investment, or if common stock in a corporation is exchanged solely for common stock in the same corporation, or if preferred stock in a corporation is exchanged solely Sm mw for preferred stoc in the same corporation. organization. (2) No gain or loss shall be recognized if stock or securities in a , corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such cor oration or in another corporation a party to the reorganization. mP{,9P,j§§Y;,Q’§u%§,§f (ll) No gain or loss shall be recognized if a corporation a party to a reorgamzation exchanges property, in pursuance of the plan of reorgamzatiorg solely for stock or securities in another corpora- , tion a arty to the reor ization. m'r1il.»m¤o¤¤i°iia : (4) %o gain or loss shialll be recognized if propert is transferred °°“"°'· to a corporation byl one or more persons solely in exclian for stock _ _ or securities in suc corporation, and immediately after tg: exchange L“""°“°"· such person or persons are in control of the co ration; but in the case of an exchange by two or more persons this paragraph shall apply only_ if the amount of the stock and securities received by each ‘ ii su spantially in proportion to his interest in the property prior to t e exc range. ¤,},§2‘,‘{§,§"§‘,,'"§‘,,"],’;’,;,‘§,§°,;; (5) If property (as a result of its destruction in whole or in part, ¤¤‘°W*Y·¤¤=· theft or seizure or an eK€1‘0iSe of the power of requisition or condemnation, or the threat or imminence thereof) is compulsorily or involuntarily converted into property similar or related in service or use to the property so converted, or into money which is forthwith in good faith, under regulations prescribed by the Commissioner with the approval of the Secretary, expended in the acquisition of other property similar or related in service or use to the property_so converted, or in the acquisition of control of a corpora- Gm Mmmm on tion owning such other property, or in the establishment of a replacepmmesousea. ment fund, no gain or loss shall be recognized. If any part of the money is not so expended, the gain, if any, shall be recognized but _ _ in an amount not in excess of the money which is not so expended. ce,;Q,€1!¤¤g>:¤; gym ig; _ (c) If there is distributed, in pursuance of a plan of reorganizaglorrgegxigilgietgiolding not tion, to a shareholder in a corporation a party to the reorganization, ‘ stock or securities in such corporation or in another corporation a