26 C.F.R. § 1.1011-1
Adjusted basis
The adjusted basis for determining the gain or loss from the sale or other disposition of property is the cost or other basis prescribed in section 1012 or other applicable provisions of subtitle A of the code, adjusted to the extent provided in sections 1016, 1017, and 1018 or as otherwise specifically provided for under applicable provisions of internal revenue laws.
Notes of Decisions
Cited in 33
cases, 1969–2014 · leading case: Fed. Home Loan Mortg. Corp. v. Comm'r, 121 T.C. 129 (T.C. 2003).
Fed. Home Loan Mortg. Corp. v. Comm'r, 121 T.C. 129 (T.C. 2003). “] *137 The parties advance differing interpretations of the "internal revenue laws" language in section 1.”
Adams v. Comm'r, 69 T.C.M. 2297 (T.C. 1995). “, for determining loss over the amount realized from the sale. For this purpose, the adjusted basis for determining loss shall be the lesser of either of the following amounts, adjusted as prescribed in section 1.”
Carolina, C. & O. R. Co. v. Comm'r, 82 T.C. 888 (T.C. 1984). “Neither the cost of the asset, its use in the taxpayer's trade or business, or its actual useful life vis-a-vis the taxpayer is affected by this adjustment; it relates solely to the basis for determining gain or loss when the asset is sold.”
Carter v. Comm'r, 76 T.C.M. 27 (T.C. 1998). “Generally, the loss shall be the lesser of (1) the fair market value of the property immediately before the casualty reduced by the fair market value of the property immediately after the casualty, or (2) the amount of the adjusted basis prescribed in section 1.1011-1, Income…”
United States v. Felix Benitez Rexach, 482 F.2d 10 (1st Cir. 1973). “The amount deductible is the lesser of either the “fair market value of the property immediately before” the theft or “the adjusted basis” as determined under 26 C.F.R. § 1.1011-1 , except that if the property is used in a trade or business and the fair market value before theft…”
Leger v. Comm'r, 53 T.C.M. 384 (T.C. 1987). “1016 requires that basis be adjusted downward for depreciation. Sec. 1016(a)(2). 70. Arts' purchase price of $12,319,000 less depreciation of $1,368,778.”
Keith v. Comm'r, 52 T.C. 41 (T.C. 1969). “urred in a trade or business or in any transaction entered into for profit, the amount of loss to be taken into account for purposes of section 165(a) shall be the lesser of either -- (i) The amount which is equal to the fair market value of the property immediately before the…”
Blanche v. Comm'r, 81 T.C.M. 1301 (T.C. 2001). “*111 , is generally the lesser of (1) the fair market value of the property immediately before the casualty reduced by the fair market value of the property immediately after the casualty, or (2) the amount of the adjusted basis prescribed in section 1.”
Snyder v. Comm'r, 54 T.C.M. 953 (T.C. 1987). “For the years in question, the regulations provide that the amount deductible as a casualty loss is the lesser of the "amount which is equal to the fair market value of the property immediately before the casualty reduced by the fair *548 market value of the property immediately…”
Zilberberg v. Comm'r, 101 T.C.M. 1012 (T.C. 2011). “10 The amount of the casualty loss allowed under section 165 is the lesser of: (1) The fair market value of the property immediately before the casualty reduced by the fair market value of the property immediately after the casualty or (2) "The *18 amount of the adjusted basis…”
Deutsch v. Comm'r, 104 T.C.M. 573 (T.C. 2012). “The adjusted basis of a note equals the face amount of the debt minus any principal paid back by the debtor. See secs. 1.166-1(d) , 1.”
Abrams v. Comm'r, 41 T.C.M. 1459 (T.C. 1981). “Petitioners' expert witness Robert Flavell believes that the market value of the Medical Building before the casualty was $ 1,200,000, and $ 1,114,000 after the casualty.”
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