§1052 — Basis established by the Revenue Act of 1932 or 1934 or by the Internal Revenue Code of 1939
9 cases·1 followed·8 cited—11% support
Statute Text — 26 U.S.C. §1052
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.
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.
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.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.1052-1 Basis of property established by Revenue Act of 1932
- Treas. Reg. §Treas. Reg. §1.1052-2 Basis of property established by Revenue Act of 1934
- Treas. Reg. §Treas. Reg. §1.1052-3 Basis of property established by the Internal Revenue Code of 1939
9 Citing Cases
1647-48. - 104 - their view ofgood tax policy. They simply tell us to treat things as what they really are, no matter what taxpayers call them. When Congress created FSCs and Roth IRAs, it said they didn't need economic substance and taxpayers who used them didn't need to have a nontax purpose. As long as taxpayers comply with
1647-48. - 104 - their view ofgood tax policy. They simply tell us to treat things as what they really are, no matter what taxpayers call them. When Congress created FSCs and Roth IRAs, it said they didn't need economic substance and taxpayers who used them didn't need to have a nontax purpose. As long as taxpayers comply with