Source: https://www.law.cornell.edu/uscode/text/12/5261
Timestamp: 2018-05-26 12:14:47
Document Index: 266473621

Matched Legal Cases: ['§ 5261', '§ 5261', '§ 5261', '§\u202f5261', '§\u202f301', '§\u202f1716', '§\u202f1451']

12 U.S. Code § 5261 - Gain or loss from sale or exchange of certain preferred stock | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 52 › Subchapter III › § 5261
12 U.S. Code § 5261 - Gain or loss from sale or exchange of certain preferred stock
§ 5261.
Gain or loss from sale or exchange of certain preferred stock
For purposes of title 26, gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution shall be treated as ordinary income or loss.
(b) Applicable preferred stockFor purposes of this section, the term “applicable preferred stock” means any stock—
the FederalHome Loan Mortgage Corporation, established pursuant to the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451 et seq.), and
(c) Applicable financial institutionFor purposes of this section:
(1) In generalExcept as provided in paragraph (2), the term “applicable financial institution” means—
a financial institution referred to in section 582(c)(2) of title 26, or
a depository institution holding company (as defined in section 1813(w)(1) of this title).
(2) Special rules for certain salesIn the case of—
(d) Special rule for certain property not held on September 6, 2008The Secretary of the Treasury or the Secretary’s delegate may extend the application of this section to all or a portion of the gain or loss from a sale or exchange in any case where—
The Secretary of the Treasury or the Secretary’s delegate may prescribe such guidance, rules, or regulations as are necessary to carry out the purposes of this section.
This section shall apply to sales or exchanges occurring after December 31, 2007, in taxable years ending after such date.
(Pub. L. 110–343, div. A, title III, § 301, Oct. 3, 2008, 122 Stat. 3802.)
The Federal National Mortgage Association Charter Act, referred to in subsec. (b)(1)(A), is title III of act June 27, 1934, ch. 847, 48 Stat. 1252, which is classified generally to subchapter III (§ 1716 et seq.) of chapter 13 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1716 of this title and Tables.
The FederalHome Loan Mortgage Corporation Act, referred to in subsec. (b)(1)(B), is title III of Pub. L. 91–351, July 24, 1970, 84 Stat. 451, which is classified generally to chapter 11A (§ 1451 et seq.) of this title. For complete classification of this Act to the Code, see Short Title and Statement of Purpose note set out under section 1451 of this title and Tables.