An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Law Body
Chap. 426.—An ACT to amend and reenact Section 29 of the Tax Code of
Virginia relating to taxation of property. [H 365]
Approved April 1, 1948
Be it enacted by the General Assembly of Virginia:
1. That section twenty-nine of the Tax Code of Virginia be amended
and reenacted as follows:
Section 29. Exchange of property—Where property is exchanged
for other property, the property received in exchange shall, for the
purpose of determining the gain or loss, be treated as the equivalent of
cash to the amount of its fair market value; but when in connection with
the reorganization, merger, consolidation, or complete liquidation of a
corporation a taxpayer receives in place of stock or securities owned
by him, new stock or securities of the reorganized, merged or consolidated
corporation, or property or properties acquired by the liquidated cor-
poration out of funds resulting from the sale of stock, advancements
made by stockholders or other assets not accumulated out of profits
or earnings, no gain or loss shall be deemed to occur from the exchange
until the new stock, securities, or property received in liquidation are
sold or realized upon and the gain or loss is definitely ascertained,
until which time the new stock, securities or property received shall be
treated as taking the place of the stock and securities exchanged.