26 U.S.C. § 1054
Section 1054 · Certain stock of Federal National Mortgage Association
Amended 1 time on record
Applied in 5 court decisions — leading case Hughson v. United States (1932)
Most recently applied in McMillan Mortg. Co. v. Commissioner (August 1961)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
In the case of a share of stock issued pursuant to section 303(c) of the Federal National Mortgage Association Charter Act (12 U.S.C., sec. 1718), the basis of such share in the hands of the initial holder shall be an amount equal to the capital contributions evidenced by such share reduced by the amount (if any) required by section 162(d) to be treated (with respect to such share) as ordinary and necessary expenses paid or incurred in carrying on a trade or business.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Prior Provisions
A prior section 1054 was renumbered section 1061 of this title.
Effective Date
Section applicable with respect to taxable years beginning after Dec. 31, 1959, see section 8(d) of Pub. L. 86–779, set out as an Effective Date of 1960 Amendment note under section 162 of this title.