CHAPTER 7 - INCOME TAX

AN ACT TO AMEND CHAPTER 6 OF THE REVISED CODE OF DELAWARE, 1935, AS AMENDED, IN RELATION TO INCOME TAX.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Section 116 (c) (1) of said Chapter 6 of the Revised Code of Delaware, 1935, being Code Section 150 of said Code, as amended by Chapter 11, Volume 41, Laws of Delaware, and as further amended by Chapter 63, Volume 42, Laws of Delaware, be and the same is hereby further amended by adding. after the last sentence thereof, the following provision:

PROVIDED, FURTHER, that where the gain or loss is sustained from the sale, exchange or other disposition after five years from the date the taxable first became a taxable of the State of Delaware, the fair market value of such property, as of the date such taxable first became a taxable of the State of Delaware, shall not be a factor in determining the gain or loss sustained.

Approved May 14, 1941.