Ala. Admin. Code r. 810-3-6-.17

Current through Register Vol. 42, No. 11, August 30, 2024

Section 810-3-6-.17 - Allocation Of Basis

Effective for tax years beginning after December 31, 1997, if property is acquired in an applicable asset acquisition as defined by 26 U.S.C. § 1060, the basis of the acquired property shall be determined in accordance with 26 U.S.C. § 1060. Federal regulations and determinations for 26 U.S.C. § 1060 will be followed in the administration of this section.

Author: Ed Cutter, CPA

Ala. Admin. Code r. 810-3-6-.17

New Rule: Filed April 28, 1999; effective June 2, 1999.

Statutory Authority:Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-6.