26 U.S.C. § 1053 — Property acquired before March 1, 1913
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 98 words · no verdicts yet
For property acquired before March 1, 1913, the basis for gain is its fair market value on that date when the otherwise adjusted basis is lower. Stock valuation must consider the corporation’s asset values on that date.
For property acquired before March 1, 1913, adjust the otherwise determined basis under section 1016 for the period before that date. If the adjusted basis is less than the property’s fair market value on March 1, 1913, use that fair market value as the basis for determining gain. When determining a corporation* share’s fair market value on that date, give due regard to the fair market value of the corporation’s assets on that date.
In the case of property acquired before March 1, 1913, if the basis otherwise determined under this subtitle, adjusted (for the period before March 1, 1913) as provided in section 1016, is less than the fair market value of the property as of March 1, 1913, then the basis for determining gain shall be such fair market value. In determining the fair market value of stock* in a corporation* as of March 1, 1913, due regard shall be given to the fair market value of the assets of the corporation as of that date.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 311; Pub. L. 85–866, title I, § 47, Sept. 2, 1958, 72 Stat. 1642.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1958Amended · Pub. L. 85-866 · 72 Stat. 1642
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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