§1053 — Property acquired before March 1, 1913

31 cases·4 followed·1 distinguished·1 overruled·25 cited—13% support

Statute Text — 26 U.S.C. §1053

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.

Treasury Regulations

Treas. Reg. §Treas. Reg. §1.1053-1 Property acquired before March 1, 1913
Treas. Reg. §Treas. Reg. §1.1053-1(a) Basis for determining gain.
Treas. Reg. §Treas. Reg. §1.1053-1(b) Basis for determining loss.
Treas. Reg. §Treas. Reg. §1.1053-1(c) Example.
Treas. Reg. §Treas. Reg. §1.1053-1(d) Fair market value.

31 Citing Cases

Federal Home Loan Mortgage Corporation, Petitioner 121 T.C. No. 8 · 2003

* * *[11] Since section 167(g)12 requires the same basis used for determining gain to be used as the basis for amortization, it follows that the amortization of an intangible asset held on March 1, 1913, will be based on the fair market value of the asset as of that date if that value is higher than the adjusted 11The regulations indicate that sec. 1053 and related Code sections provide a dual-basis rule similar to DEFRA sec. 177(d)(2) with respect to property held as of Mar. 1, 1913. The basis

Federal Home Loan Mortgage Corp. v. Commissioner 121 T.C. 129 · 2003

The basis rules which finally developed for property held on, and acquired before, that date are contained in section 1053, which provides: SEC.

The Board of Trustees of the Sheet Metal Workers' National Pension Fund, In Its Capacity As Plan Administrator, Petitioner 117 T.C. No. 19 · 2001

When an employee’s accrued retirement benefit is vested, it is nonforfeitable. Thus, a participant in a defined benefit plan (such as the Plan) is fully vested when he or she has a nonforfeitable right to 100 percent of the accrued benefit. An employee’s accrued benefit at any given time is what a fully vested employee would be entitl

Compaq Computer Corporation and Subsidiaries, Petitioner 113 T.C. No. 17 · 1999

Section 901(k)(1) provides that a taxpayer must hold stock (or an ADR) for at least 16 days of a prescribed 30-day period including the dividend record date, in order to claim a foreign tax credit with respect to foreign taxes withheld at the source on foreign dividends.

Jennifer Durand v. The Hanover Insurance Group 806 F.3d 367 · Cir.

Foster v. Commissioner 80 T.C. 34 · 1983

Southern Pacific Transportation Co. v. Commissioner 75 T.C. 497 · 1980

David T. Hunter (99-3620) Robert Allison (99-3623) v. Caliber System, Inc., F/k/a Roadway Services, Inc. 220 F.3d 702 · Cir.

Board of Trustees of the Sheet Metal Workers' National Pension Fund v. Commissioner 117 T.C. 220 · 2001

Goodwin v. Commissioner 73 T.C. 215 · 1979

Duke v. Luxottica U.S. Holdings Corp. · Cir.

Laurent v. PricewaterhouseCoopers LLP 794 F.3d 272 · Cir.

Brengettsy, Frank M. v. LTV Steel · Cir.

Heinz, Thomas E. v. Central Laborers Pen · Cir.

Berger, David v. Xerox Retirement · Cir.

Matz, Robert v. Household Int'l Tax · Cir.

Sheilar Smith v. OSF Healthcare System 933 F.3d 859 · Cir.

Sheilar Smith v. OSF Healthcare System · Cir.

United States v. Kahn · Cir.

United States v. Kahn 5 F.4th 167 · Cir.

Donna Browe v. CTC Corp. · Cir.

SEC v. Hallam · Cir.

Becker v. Mack Trucks, Inc. 281 F.3d 372 · Cir.

Stoll v. Western & Southern Life Insurance 64 F. App'x 986 · Cir.

Frank M. Brengettsy, on His Own Behalf and That of All Others Similarly Situated v. Ltv Steel (Republic) Hourly Pension Plan, 1 241 F.3d 609 · Cir.

Larry Becker v. Mack Trucks, Inc. 281 F.3d 372 · Cir.

Thomas E. Heinz and Richard J. Schmitt, Jr. v. Central Laborers' Pension Fund 303 F.3d 802 · Cir.

David Berger and Gerry Tsupros, on Behalf of Themselves and Others Similarly Situated v. Xerox Corporation Retirement Income Guarantee Plan 338 F.3d 755 · Cir.

Robert J. Matz, Individually and on Behalf of All Others Similarly Situated v. Household International Tax Reduction Investment Plan, Cross-Appellee 388 F.3d 570 · Cir.

David McCorkle v. Bank of America Corporation 688 F.3d 164 · Cir.

§1053 — Property acquired before March 1, 1913

31 Citing Cases

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