California Revenue & Taxation Code
Cal. Rev. & Tax. Code § 24942
Official textleginfo.legislature.ca.govlast amended
# (a)
No gain or loss shall be recognized to a corporation on the receipt of money or other property in exchange for stock (including treasury stock) of that corporation. No gain or loss shall be recognized by a corporation with respect to any lapse or acquisition of an option, or with respect to a securities futures contract (as defined in Section 1234B of the Internal Revenue Code, to buy or sell its stock (including treasury stock).
# (b)
For basis of property acquired by a corporation in certain exchanges for its stock, see Sections 24552 to 24554, inclusive.
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