Treasury Regulations, Subchapter A, Sec. 1.346-2
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Sec. 1.346-2 Treatment of certain redemptions
If a distribution in a redemption of stock qualifies as a distribution in part or full payment in exchange for the stock under both section 302(a) and this section, then only this section shall be applicable. None of the limitations of section 302 shall be applicable to such redemption.
