Editor's Note:
Pub. L. 113-295, Div. A, Sec. 221(a)(78), repealed Sec. 1051, effective December 19, 2014.
In the case of property acquired by a corporation, during a period of affiliation,
from a corporation with which it was affiliated, the basis of such property, after
such period of affiliation, shall be determined, in accordance with regulations prescribed
by the Secretary, without regard to inter-company transactions in respect of which
gain or loss was not recognized. For purposes of this section, the term “period of
affiliation” means the period during which such corporations were affiliated (determined
in accordance with the law applicable thereto) but does not include any taxable year
beginning on or after January 1, 1922, unless a consolidated return was made, nor
any taxable year after the taxable year 1928.
(Aug. 16, 1954, ch. 736, 68A Stat. 310; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1901(a)(131), 1906(b)(13)(A), 90 Stat. 1786, 1834; repealed by Pub. L. 113-295, Div. A, title II, Sec. 221(a)(78), Dec. 19, 2014, 128 Stat. 4010.)
BACKGROUND NOTES
Amendments to Part
1986--Pub. L. 99-514, title VI, 641(b), title XII, 1248(b), Oct. 22, 1986, 100 Stat. 2283, 2584, added
items 1059A and 1060 and renumbered former item 1060 as 1061.
1984--Pub. L. 98-369, div. A, title I, 53(d), July 18, 1984, 98 Stat. 568, added item 1059 and renumbered
former item 1059 as 1060.
1978--Pub. L. 95-345, 2(d)(2), Aug. 15, 1978, 92 Stat. 483, added item 1058 and renumbered former item
1058 as 1059.
1976--Pub. L. 94-455, title II, 212(a)(2), title X, 1015(c), Oct. 4, 1976, 90 Stat. 1546, 1618, added
items 1056 and 1057 and renumbered former item 1056 as 1058.
1963--Pub. L. 88-9, 1(d), Apr. 10, 1963, 77 Stat. 8, added item 1055 and renumbered former item 1055
as 1056.
1960--Pub. L. 86-779, 8(c), Sept. 14, 1960, 74 Stat. 1003, renumbered former item 1054 as 1055 and added
new item 1054.
AMENDMENTS
2014 — Sec. 1051. Pub. L. 113-295, Div. A, Sec. 221(a)(78), repealed Sec. 1051.
1976--Pub. L. 94-455, 1901(a)(131), struck out last two sentences relating to the basis and adjustment
of the basis of corporate property where a consolidated return was filed.
Pub. L. 94-455, 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
EFFECTIVE DATE OF 2014 AMENDMENT
Amendment by Div. A, Sec. 221(a)(78), of Pub. L. 113-295 effective on the date of the enactment of this Act [Enacted: Dec. 19, 2014].
Section 221(b)(2) of Pub. L. 113-295, Div. A, provided the following Savings Provision:
“(2)
SAVINGS PROVISION.—If—
“(A)
any provision amended or repealed by the amendments made by this section applied to—
“(i)
any transaction occurring before the date of the enactment of this Act [Enacted: Dec.
19, 2014],
“(ii)
any property acquired before such date of enactment, or
“(iii)
any item of income, loss, deduction, or credit taken into account before such date
of enactment, and
“(B)
the treatment of such transaction, property, or item under such provision would (without
regard to the amendments or repeals made by this section)
affect the liability for tax for periods ending after date of enactment, nothing in
the amendments or repeals made by this section shall be construed to affect the treatment
of such transaction, property, or item for purposes of determining liability for tax
for periods ending after such date of enactment.”
EFFECTIVE DATE OF 1976 AMENDMENT
Amendment by section 1901(a)(131) of Pub. L. 94-455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of
Pub. L. 94-455, set out as a note under section 2 of this title.
