26 U.S.C. § 1053

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 1053 - Property acquired before March 1, 1913

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.

26 U.S.C. § 1053

Aug. 16, 1954, ch. 736, 68A Stat. 311; Pub. L. 85-866, title I, §47, Sept. 2, 1958, 72 Stat. 1642.

EDITORIAL NOTES

AMENDMENTS1958-Pub. L. 85-866 substituted "subtitle" for "part".

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 1958 AMENDMENT Amendment by Pub. L. 85-866 applicable to taxable years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 1(c)(1) of Pub. L. 85-866, set out as a note under section 165 of this title.

corporation

The term "corporation" includes associations, joint-stock companies, and insurance companies.

stock

The term "stock" includes shares in an association, joint-stock company, or insurance company.