Title 26 — Internal Revenue CodeRelease 119-73
§1053 Property acquired before March 1, 1913
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 › § 1053
Summary
Property held before March 1, 1913 uses its March 1, 1913 fair market value as basis if the adjusted basis under section 1016 is lower. For stock, value should reflect the company’s assets.
Full Legal Text
Title 26, §1053
Internal Revenue Code — Source: USLM XML via OLRC
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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1958—Pub. L. 85–866 substituted “subtitle” for “part”.
Statutory Notes and Related Subsidiaries
Effective Date
of 1958 AmendmentAmendment by Pub. L. 85–866 applicable to taxable years beginning after Dec. 31, 1953, and ending after Aug. 16, 1954, see section 1(c)(1) of Pub. L. 85–866, set out as a note under section 165 of this title.
Reference
Citations & Metadata
Citation
26 U.S.C. § 1053
Title 26 — Internal Revenue Code
Last Updated
Apr 6, 2026
Release point: 119-73