26 U.S.C. § 1021 : Internal Revenue Code — Income Taxes — Normal Taxes And Surtaxes — Gain Or Loss On Disposition Of Property — Basis Rules Of General Application — Sale Of Annuities

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In case of the sale of an annuity contract, the adjusted basis shall in no case be less than zero.

(Aug. 16, 1954, ch. 736, 68A Stat. 302.)
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