§ 1032. Exchange of stock for property
(a)
Nonrecognition of gain or loss
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 such 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), to buy or sell its stock (including treasury stock).
(b)
Basis
For basis of property acquired by a corporation in certain exchanges for its stock, see section
362.