26 U.S.C. § 1052 — Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 233 words · no verdicts yet

in plain englishAI-generated · not legal advice

For specified property acquired after February 28, 1913, the basis under this subtitle is the basis prescribed under the cited 1932 or 1934 Revenue Act or 1939 Code.

(a) If property was acquired after February 28, 1913, in a taxable year beginning before January 1, 1934, and the 1932 Act prescribed its basis under section 113(a)(6), (7), or (9), use that same basis for this subtitle. (b) If acquired after that date in a taxable year beginning before January 1, 1936, and the 1934 Act prescribed its basis under section 113(a)(6), (7), or (8), use that same basis. (c) If acquired after that date in a transaction covered by the 1939 Code, and that Code prescribed its basis under section 113(a)(6), (7), (8), (13), (15), (18), (19), or (23), use that same basis.

the actual law source: uscode.house.gov ↗public domain

(a) Revenue Act of 1932

If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1934, and the basis thereof, for purposes of the Revenue Act of 1932 was prescribed by section 113(a)(6), (7), or (9) of such Act (47 Stat. 199), then for purposes of this subtitle the basis shall be the same as the basis therein prescribed in the Revenue Act of 1932.

(b) Revenue Act of 1934

If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1936, and the basis thereof, for purposes of the Revenue Act of 1934, was prescribed by section 113(a)(6), (7), or (8) of such Act (48 Stat. 706), then for purposes of this subtitle the basis shall be the same as the basis therein prescribed in the Revenue Act of 1934.

If the property was acquired, after February 28, 1913, in a transaction to which the Internal Revenue Code of 1939 applied, and the basis thereof, for purposes of the Internal Revenue Code of 1939, was prescribed by section 113(a)(6), (7), (8), (13), (15), (18), (19), or (23) of such code, then for purposes of this subtitle the basis shall be the same as the basis therein prescribed in the Internal Revenue Code of 1939.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 310.)

history & why it existsrecord from the source credit

1954Enacted · Act of Aug. 16, 1954, ch. 736

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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