12-U.S.C.-2148

§2148 – Transactions to Accomplish Merger

Pathway

Title 12 > Chapter 23 > Subchapter III > Part B > Section 2148

Details

• Reference: Section 2148
• Legend: §2148 – Transactions to Accomplish Merger
• USCode Year: 2013

Provision Content

The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence).

(Pub. L. 92–181, title III, §3.27, as added Pub. L. 100–233, title IV, §415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, §407(g), Aug. 17, 1988, 102 Stat. 1001.)

Amendments

1988—Pub. L. 100–399 substituted cooperative for taxable institution.

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-2145 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-2145, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-2122 in the Legal Encyclopedia: Farm Credit System

In this entry about 12-U.S.C.-2122, find legal reference material, bibliographies and premiere content related to farm credit system in the American Encyclopedia of Law, presenting a comprehensive view of the United States farm credit system-specific issues, written by authorities in the field.

Subchapter III – Banks For Cooperatives in the Legal Encyclopedia: Credit Institutions

In this entry about Subchapter III – Banks For Cooperatives, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.

Topic Map

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