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 IV— SPECIAL RULES

26 U.S.C. § 1053

Property acquired before March 1, 1913

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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.

Notes of Decisions
Cited in 7 cases, 1931–2002 · leading case: Trigon Ins. v. United States, 215 F. Supp. 2d 687 (E.D. Va. 2002).
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Trigon Ins. v. United States, 215 F. Supp. 2d 687 (E.D. Va. 2002). · cites it 2× “For instance, when first subjecting assets obtained before March 1, 1913, to taxation, an asset’s basis for purposes of determining gain would be its fair market value as of March 1, 1913: In the case of property acquired before March 1, 1913, if the basis otherwise determined…”
Weyerhaeuser Co. v. United States, 32 Fed. Cl. 80 (Fed. Cl. 1994). · cites it 4× “26 U.S.C. §§ 1053 , 1011, 1012, 1016; Treas.”
Dep't of Revenue v. Leadership Hous., Inc., 343 So. 2d 611 (Fla. 1977). “Unlike Section 1053 of the Internal Revenue Code, 26 U.S.C. § 1053 , and its predecessors, which awarded cost bases in such assets equal to the greater of either the actual cost of the asset or its fair market value as of the effective date of the first taxing statute, a…”
United States v. Georgia R.R. & Banking Co., 348 F.2d 278 (5th Cir. 1965). “Pursuant to § 1053 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 1053 , the property subject to the lease acquired a tax basis equal to its fair market value on March 1, 1913.”
Dana A. Hinckley v. Comm'r, 410 F.2d 937 (8th Cir. 1969). “” 26 U.S.C.A. § 1053 provides: “§ 1053. Property acquired before March 1, 1913.”
Am. Exch. Irving Trust Co. v. United States, 52 F.2d 1027 (Ct. Cl. 1931). “That Congress intended the term “due date” used in section 1116 of the Revenue Act of 1926 to mean the date on which the several installments of *1029 the tax were due if paid in installments is evidenced by the fact that this very matter was considered in connection with…”
Halff v. United States, 5 F. Supp. 132 (Ct. Cl. 1933). “9 , 56), in paragraph (j) of section 274 (26 USCA § 1053), provides as to a deficiency assessment that interest thereon shall be computed from the date prescribed for the payment of the tax to the date of the deficiency assessment, and, if the tax.”
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