Assumption of Liabilities
type: GovernmentService
description: This document contains final regulations relating to the assumption of liabilities under section 358(h) of the Internal Revenue Code (Code). Section 358(h) provides that, after application of section 358(d), the basis in stock received in a nonrecognition transaction shall be reduced to the fair market value of the stock by the amount of any liability assumed in the exchange. The Treasury Department and the IRS have determined that removing an exception to section 358(h) is necessary to prevent abuse. These regulations affect corporations and their shareholders.
date published: 2008-05-09
start time: 2008-05-09
provider: IRS
  type: GovernmentOrganization
  parent organization: US Department of the Treasury
citation: DigitalDocument
license: https://creativecommons.org/publicdomain/zero/1.0/
source: https://www.federalregister.gov/documents/2008/05/09/E8-10454/assumption-of-liabilities
source organization: US Federal Register
publisher: AI Analytics

PropertyValue
property ID: Federal Register Document Number
value: E8-10454

PropertyValue
property ID: Federal Register Citation
value: 73 FR 26321

PropertyValue
property ID: CFR Reference
value: 26 CFR 1

PropertyValue
property ID: Treasury Docket
value: TD 9397

AI Analytics
type: Organization