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.
(Aug. 16, 1954, ch. 736, 68A Stat. 311; Sept. 2, 1958, Pub. L. 85-866, title I, 47, 72 Stat. 1642.)
BACKGROUND NOTES
AMENDMENTS
1958--Pub. L. 85-866 substituted “subtitle” for “part”.
EFFECTIVE DATE OF 1958 AMENDMENT
Amendment 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.
