26 C.F.R. § 1.1015-3

Gift or transfer in trust before January 1, 1921

Read at: eCFRecfr.gov CornellLII GovInfogovinfo.gov CasesGoogle Scholar

(a) In the case of property acquired by gift or transfer in trust before January 1, 1921, the basis of such property is the fair market value thereof at the time of the gift or at the time of the transfer in trust.

(b) The principles stated in paragraph (b) of § 1.1015-1 concerning the uniform basis are applicable in determining the basis of property where more than one person acquires an interest in property by gift or transfer in trust before January 1, 1921. In addition, if an interest in such property was acquired from a decedent and the property had not been sold, exchanged, or otherwise disposed of before the death of the donor, the rules prescribed in section 1014 and the regulations thereunder are applicable in determining the basis of such property in the hands of the taxpayer.

Notes of Decisions

Cited in 2 cases, 1961–1973 · leading case: Jones v. Comm'r, 61 T.C. 78 (Tax Ct. 1973).

Sort: Relevance Newest Treatment

Jones v. Comm'r, 61 T.C. 78 (Tax Ct. 1973). · cites it 6× “But any lingering doubts as to the proper meaning of the phrase as it now appears in section 1015(c) must be dispelled by section 1.”

Moore v. Comm'r, 20 T.C.M. 1083 (Tax Ct. 1961). · cites it 2× “This element of gift is to be considered in determining the uniform adjusted basis of petitioners for capital gain purposes.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.