§ 2148. Transactions to accomplish merger

Statutory text

The receipt of assets or assumption of liabilities by the consolidated bank, the exchange of stock, equities, or other ownership interests, and any other transaction carried out in accomplishing the merger of the banks for cooperatives shall not be treated as a taxable event under the laws of the United States or of any State or political subdivision thereof. The preceding sentence shall also apply to the receipt of assets and liabilities by a cooperative to the extent that the net amount of the distribution is immediately reinvested in stock of a consolidated bank (and in such case the basis of such stock shall be appropriately reduced by the amount of gain not recognized by reason of this sentence).

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1988
Farm Credit Act of 1971
Pub. L. 92–181 title III § 3 · 85 Stat. 583
Enacted · 12 U.S.C. § 2148
Pub. L. 92–181, title III, § 3.27, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644
Source evidence
Code source credit
Pub. L. 92–181, title III, § 3.27, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644
Enacted provision · exact public law section
(3) Make contracts.
1988
Agricultural Credit Technical Corrections Act of 1988
Pub. L. 100–399 title IV § 407(g) · 102 Stat. 989
Substituted · 12 U.S.C. § 2148
Pub. L. 100–399 substituted “cooperative” for “taxable institution”
Source evidence
Code amendment note
Pub. L. 100–399 substituted “cooperative” for “taxable institution”.
Enacted provision · exact public law section
(g) Section 3.27 is amended by striking out “taxable institution” 12 USC 2148. and inserting in lieu thereof “cooperative”.
Effective date note
Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

2 of 2 references resolved to an enrolled provision

Editorial Notes

Amendments

1988—Pub. L. 100–399 substituted “cooperative” for “taxable institution”.

Statutory Notes and Related Subsidiaries

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Credits

1988 · 2 acts

1988Pub. L. 92–181, title III, § 3.27, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644
1988amended Pub. L. 100–399, title IV, § 407(g), Aug. 17, 1988, 102 Stat. 1001.

Show as published

(Pub. L. 92–181, title III, § 3.27, as added Pub. L. 100–233, title IV, § 415(2), Jan. 6, 1988, 101 Stat. 1644; amended Pub. L. 100–399, title IV, § 407(g), Aug. 17, 1988, 102 Stat. 1001.)