U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter O— Gain or Loss on Disposition of Property › Part PART II— BASIS RULES OF GENERAL APPLICATION

26 U.S.C. § 1013

Basis of property included in inventory

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If the property should have been included in the last inventory, the basis shall be the last inventory value thereof.