26 U.S.C. § 1011

Adjusted basis for determining gain or loss

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(a) General rule

The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis (determined under section 1012 or other applicable sections of this subchapter and subchapters C (relating to corporate distributions and adjustments), K (relating to partners and partnerships), and P (relating to capital gains and losses)), adjusted as provided in section 1016.

(b) Bargain sale to a charitable organization

If a deduction is allowable under section 170 (relating to charitable contributions) by reason of a sale, then the adjusted basis for determining the gain from such sale shall be that portion of the adjusted basis which bears the same ratio to the adjusted basis as the amount realized bears to the fair market value of the property.

(Aug. 16, 1954, ch. 736, 68A Stat. 296; Pub. L. 91–172, title II, § 201(f), Dec. 30, 1969, 83 Stat. 564.)Editorial NotesAmendments

1969—Pub. L. 91–172 redesignated existing provisions as subsec. (a) and added subsec. (b).

Statutory Notes and Related SubsidiariesEffective Date of 1969 Amendment

Amendment by Pub. L. 91–172 applicable with respect to sales made after Dec. 19, 1969, see section 201(g)(6) of Pub. L. 91–172, set out as a note under section 170 of this title.

Notes of Decisions

Cited in 29 cases, 1961–2019 · leading case: Est. of Sydney S. Baron, Sylvia S. Baron, Adm'x, & Sylvia S. Baron v. Comm'r of Internal Revenue, 798 F.2d 65 (2d Cir. 1986).

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Est. of Sydney S. Baron, Sylvia S. Baron, Adm'x, & Sylvia S. Baron v. Comm'r of Internal Revenue, 798 F.2d 65 (2d Cir. 1986). “I.R.C. section 167(g), 26 U.S.C. § 167 (g), provides that the basis for depreciation is "the adjusted basis provided in section 1011 for the purpose of determining the gain on the sale or other disposition of the property.”

In the Matter of Roger Roy Larson & Joan Rosemary Larson, Debtors-Appellants, 862 F.2d 112 (7th Cir. 1988). “See 26 U.S.C. §§ 1011 , 1012. Then, when the stock became worthless, the Larsons would be entitled to a capital loss equal to their basis.”

United States v. Felix Benitez Rexach, 482 F.2d 10 (1st Cir. 1973). “See 26 U.S.C. §§ 1011 , 1016. 11 . The last issue, other than fraud, properly raised on appeal is the credence to be given the taxpayer’s entire testimony.”

Marshall v. Commonwealth, 41 A.3d 67 (Pa. Commw. Ct. 2012). “Basis is generally determined at the time the asset is acquired and is based on the cost of acquisition.”

West Seattle Nat'l Bank of Seattle v. Comm'r of Internal Revenue, 288 F.2d 47 (9th Cir. 1961). “The taxpayer relies upon § 1011 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1011 , to the effect that in determining the existence of gain or loss reference shall be had to the adjusted basis of the asset sold; and upon § 1016(a), 26 U.”

Phyllis A. Woodall & Jeannie S. Coutta v. Comm'r of Internal Revenue, 964 F.2d 361 (5th Cir. 1992). “Second, the taxpayers argue that they have disproved the accuracy of the $8,541 figure because that figure would require that deductions had been taken in prior years in excess of those legally allowed under 26 U.S.C. § 1011 . A taxpayer challenging the IRS’s disallowance of a…”

Citizens Fed. Sav. & Loan Ass'n of Cleveland v. United States, 290 F.2d 932 (Fed. Cir. 1961). “Title 26 U.S.C. §§ 1011 , 1016(a). 11 . Title 26 U.”

McCrory Corp. v. United States, 651 F.2d 828 (2d Cir. 1981). “We agree that if, as it appears, the acquisition expenses were not directly allo-cable to specific assets acquired from Olen and National, but rather were attributable to the Olen and National lines generally, then if on liquidation McCrory sold off the Olen and National assets…”

Citizens' Acceptance Corp., a Dissolved Corp. Continued by Statute for Purposes of Suit v. United States, 462 F.2d 751 (3rd Cir. 1972). “1011 of the Code, 26 U.S.C. § 1011 ) in the receivables was $4,377,674.”

Ebben v. Comm'r, 783 F.2d 906 (9th Cir. 1986). “Taxpayers contend that because the total adjusted basis exceeds the amount of the indebtedness (amount realized), taxpayers have not realized a taxable gain from the disposition of the encumbered land. See § 1011(a). The Tax Court held, and the Internal Revenue Service argues…”

Weyerhaeuser Co. v. United States, 32 Fed. Cl. 80 (Fed. Cl. 1994). “By the good grace of Congress, if a taxpayer has purchased property prior to March 1,1913, it may “step-up” its basis to the fair market value of the property at that date, but only for the purpose of calculating gain. § 1.1053-l(a). The obvious purpose of such gratuity is to…”

Quijano v. United States, 93 F.3d 26 (1st Cir. 1996). “” 26 U.S.C. § 1011 . Under section 1012, generally the basis of property is its cost.”

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