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Title 26, Internal Revenue CodeRelease 119-110

§1052 Basis Established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939

Title 26 › Subtitle A — Income Taxes › CHAPTER 1 — NORMAL TAXES AND SURTAXES › Subchapter O — Gain or Loss on Disposition of Property › PART IV — SPECIAL RULES › § 1052

Last updated Sep 22, 2026|Official source

Summary

If property was bought after February 28, 1913 and its tax basis was fixed by one of the older tax laws, the basis under the current law stays the same as those older laws said. This applies in three cases: for tax years starting before January 1, 1934 when the Revenue Act of 1932 set the basis in section 113(a)(6), (7), or (9); for tax years starting before January 1, 1936 when the Revenue Act of 1934 set the basis in section 113(a)(6), (7), or (8); and for transactions covered by the Internal Revenue Code of 1939 when that code set the basis in section 113(a)(6), (7), (8), (13), (15), (18), (19), or (23).

Full Legal Text

Title 26, §1052

Internal Revenue Code, Source: USLM XML via OLRC

(a)Revenue Act of 1932
If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1934, and the basis thereof, for purposes of the Revenue Act of 1932 was prescribed by section 113(a)(6), (7), or (9) of such Act (47 Stat. 199), then for purposes of this subtitle the basis shall be the same as the basis therein prescribed in the Revenue Act of 1932.
(b)Revenue Act of 1934
If the property was acquired, after February 28, 1913, in any taxable year beginning before January 1, 1936, and the basis thereof, for purposes of the Revenue Act of 1934, was prescribed by section 113(a)(6), (7), or (8) of such Act (48 Stat. 706), then for purposes of this subtitle the basis shall be the same as the basis therein prescribed in the Revenue Act of 1934.
(c)Internal Revenue Code of 1939
If the property was acquired, after February 28, 1913, in a transaction to which the Internal Revenue Code of 1939 applied, and the basis thereof, for purposes of the Internal Revenue Code of 1939, was prescribed by section 113(a)(6), (7), (8), (13), (15), (18), (19), or (23) of such code, then for purposes of this subtitle the basis shall be the same as the basis therein prescribed in the Internal Revenue Code of 1939.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

Revenue Act of 1932, referred to in section catchline and subsec. (a), is act
June 6, 1932, ch. 209, 47 Stat. 169. For complete classification of the Act to the Code, see Tables. Revenue Act of 1934, referred to in section catchline and subsec. (b), is act
May 10, 1934, ch. 277, 48 Stat. 680. For complete classification of this Act to the Code, see Tables. The Internal Revenue Code of 1939, referred to in section catchline and subsec. (c), is act Feb. 10, 1939, ch. 2, 53 Stat. 1. Prior to the enactment of the Internal Revenue Code of 1986 [formerly I.R.C. 1954], the 1939 Code was classified to former Title 26, Internal Revenue Code. For Table comparisons of the 1939 Code to the 1986 Code, see table I preceding section 1 of this title. section 113 of the Internal Revenue Code of 1939, referred to in subsec. (c), was classified to section 113 of former Title 26, Internal Revenue Code. section 113 was repealed by section 7851(a)(1)(A) of this title. For table of comparisons of the 1939 Code to the 1986 Code, see Table I preceding section 1 of this title. See, also, section 7851(e) of this title for provision that references in the 1986 Code to a provision of the 1939 Code, not then applicable, shall be deemed a reference to the corresponding provision of the 1986 Code, which is then applicable.

Reference

Citations & Metadata

Citation

26 U.S.C. § 1052

Title 26, Internal Revenue Code

Last Updated

Sep 22, 2026

Release point: 119-110