
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC1053]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                        Subtitle A--Income Taxes
 
                  CHAPTER 1--NORMAL TAXES AND SURTAXES
 
          Subchapter O--Gain or Loss on Disposition of Property
 
                         PART IV--SPECIAL RULES
 
Sec. 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.

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


                               Amendments

    1958--Pub. L. 85-866 substituted ``subtitle'' for ``part''.


                    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.
