I2 SIXTYQ-NIN’DH CONGRESS. Sess. I. Cu. 27. 1926. ,"°'”°,m_`{*'· _ ·(l) Proper shall be maderfor an e enditurcor `teni NAM- d an of loss ehsrggzblelwicapitd accountysnflps- I
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mr few exhaustion, we•r·=•¤1d·;teer,j(~obsoleso•uoe% amortization, and
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ly " ‘ ,_ ounce to gliscovery va1ue§§to—»pangreph ,(2)‘o(_ subdivision Mm ‘°‘‘ · §?Z·;3§ “£“`}‘5‘}é“°’$. %‘z"é°‘§2§£ “l§“’°{’t?”‘¥£‘;';°’ “°°L.“j2`d iL‘°““’ " yy ,e~ s` 1 _re K ans e·. ( mar ~v¤ e as or g1; _1913) ‘shal1— be vim the amount of exhaustion, $rbg;i!¥3.n& t?&t·,_obpol€ocenoe,‘$ind depletion actually sustained before §u(§ jpg; !‘*i=·f 1* "?.$ ’ #!=;= i·· `.1 ·; ‘ p.:$Z`y.°°`°’ °°°" °{ E2 !ro1n;the(:saleior»other elisposition of
V t A ( pr0&e°1:y·r=¤hal%i%b;shthe sum,eio§at?1i1;rv.¤tilouey’,omce1;ed> plus the fan- yz (Za mh it ;,e~V if e> is 0 ’r imrmoney received] ,`
¤·¤e•¤e<···e¤¤¤·¤¤·a (oy Iuittgc cess foFsLsq,1s—oi;1exehsnge,-the~sxtent.reo zwhibh me > ~ lossgdeterinihed under&this‘=sect1on·shul1 be recognized? for I , f %P“ f'§*hih’tm6»‘ $h¤H·=`b¤ ddibxmined .under·thegvvpmvigi0n¤ nm. 5 gg5§(;¤· ¢ ~> e; »; s. · . ,; spam v ..,£}.‘€,‘é‘22.’§‘,t,‘?" "°" ‘(e*)3<Noch&ng*i¤r·this sec¢;ion§·¤1m11=be.eo¤stme4.to pi-event (in the _ _ ( ¤¤96*_v’0f"pmporty<s0ld "uudorg contractsl}·i»rov1d1ng for pa ent ( in `i}1Ml1lm¢DtS)* =thd·‘¥taxation of tbetwpo ionirof QSHYFHR ent . gzyxgggt » gain or profit in they ·yea1—»iu which ( `._.,y ..}` ·., f‘>*=;`*“*'¥i¤ if ’%<i`¥*· i A > ’<·* ·» ·% rei {I. Ei` Wi';
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“"°" v mms04si3’gts€?“§»ns. mdB%i1;s "‘t.s"*’?.ei§s, §ti§‘1.t’§ _ _ rece ° ~oxmpt4§s& ` wr ( ¤in.· `" ` `onzm; §£’£$$liZi'.ih¤u· (bi (1), No gainrov pnopertyepheld °‘"""‘{*?,j Q it ,1 for lwowin hadn »or or forwinvestment 2(not Emwm · · · inchz@ing<ristock~.·in*¤trade »br¤ other xprepertyi ¤held g¤·11n•1:11.y· for ' s¤le,¥·no1·‘stoeks, bcnds;»notés,=clioses_%1g1 ection,gcerti catespof trust or or other 88G\1l‘1t10S¥0l! ev1dences:0f—r#m<i¤bted- ness e or interest) is jexchengedy solely. property 'of.; •;like»kind ' to 4be ·hold·{ie1ther?·£or productive useoiu trade 0I‘=b‘¤S11'1'&··0I'=f0l’ Foxxsimilar msu in §¤veet:nent,i6r ifcornxnon stock»in=i·corporation:is.exchangogl» solel "“°°°°"’°"'°‘°?‘ common xnigheéséme iprgioration, ypreferrgg smc; n~3ecorporst1_ onisexc an so_ yp or - mj same BJ- ’ V - iii J icy ~C=:— . gt. Z,?z,,·»i=;4 ,,;,°$§,*Q{{’§°,;§'°° °”'°' _ 22) No or loss shall be if, stock»·or·:securit.ies. in
· J .. eco twn»a= . to a:reorgr£mzat1on».are,=1ni· ursuance of the
( n><¤·· rw? . .. . y P . y . . . ' ( p1;§<of~reorganuatxg>n,.`ex;¤%‘n‘!mgod— sorl:g_y.fo1· &rtg,cur1Lies_ in su corporation or 1n¢ano or corpo ion arpa y.» reorgani- “ti(m· `·~.{' ’ V '·,_` _— ·?*Z @4* ’ .. I =e; ~> 4: ·’ p.i—’{}”$t ¤°ii (3) No gain or loss shall be recognizecl if la corporation a party to a reorgamzatxon exchanges property, in pursuance of the plan of reorganizatio1;:» solely for stock or securities in another corpora- y t` rty to t e reor nization. m§,;¤g¥{,g,‘;fd§,°;¥¤‘,§ rl§(34;i§So gain orloes sguall be recognized if progarty is transferred ¤¤¤=~¤- to»a eoiporation by one- or~more~persons sole inexehsnge for stocker seculrptnes in such corporation, and xrpmézdhigxtely after the exchan (suc erson»orKerso> nsiare in contre —o coo oration· mu°°“°°‘ but in gihe casepof an exc ange by two or more pemons ltiiis para; graph shall apply only ifthe amount of the stock and securities received by each is substantially in proportion to his interest in the property prior to the exchange.
