US Code

Public Law 119-73 (01/23/2026)

26 U.S.C. § 1023

Cross references

(1)
For certain distributions by a corporation which are applied in reduction of basis of stock, see section 301(c)(2).
(2)
For basis in case of construction of new vessels, see chapter 533 of title 46, United States Code.

Aug. 16, 1954, ch. 73668A Stat. 302Pub. L. 88–272, title II, § 225(j)(1)78 Stat. 92Pub. L. 94–455, title XIX, § 1901(a)(127)90 Stat. 1784Pub. L. 96–223, title IV, § 401(a)94 Stat. 299Pub. L. 96–589, § 6(i)(4)94 Stat. 3410Pub. L. 109–304, § 17(e)(4)120 Stat. 1708(, , § 1022; renumbered § 1023, , , ; renumbered § 1024 and amended , title XX, § 2005(a)(2), , , 1872; renumbered § 1023, , , ; , , ; , , .)

Editorial Notes

Prior Provisions

Pub. L. 94–455, title XX, § 2005(a)(2)90 Stat. 1872Pub. L. 95–600, title V, § 515(3)92 Stat. 2884Pub. L. 96–223, title IV, § 401(a)94 Stat. 299section 2005(a)(2) of Pub. L. 94–455A prior section 1023, added , , ; amended , (4), title VII, § 702(c)(2)–(4), (6)–(8), , , 2926–2928, related to carryover basis for certain property acquired from a decedent dying after , prior to repeal by , , . The repeal was achieved by repealing and the amendment made thereby, which had enacted prior section 1023.

Amendments

Pub. L. 109–30446 U.S.C. 11612006—Par. (2). substituted “chapter 533 of title 46, United States Code” for “section 511 of the Merchant Marine Act, 1936, as amended ()”.

Pub. L. 96–5891980— redesignated par. (3) as (2). Former par. (2), which provided reference to sections 670, 796, and 922 of Title 11, Bankruptcy, for basis of property in case of certain reorganizations and arrangements under the Bankruptcy Act, was struck out.

Pub. L. 94–455, § 1901(a)(127)1976—Par. (4). , struck out par. (4) which referred to section 405 of the Defense Production Act of 1950 for rules applicable in case of payments in violation of that Act.

Statutory Notes and Related Subsidiaries

Effective Date of 1980 Amendment and Revival of Prior Law

Pub. L. 96–589section 7(e) of Pub. L. 96–589section 108 of this titleAmendment by effective , but not to apply to proceedings under Title 11, Bankruptcy, commenced before , see , set out as an Effective Date of 1980 Amendment note under .

Pub. L. 96–223, title IV, § 401(b)94 Stat. 299Pub. L. 99–514, § 2100 Stat. 2095

section 1014 of this titlesection 1024 of this title“Except to the extent necessary to carry out subsection (d) [set out as a note under ], the Internal Revenue Code of 1986 [formerly I.R.C. 1954] shall be applied and administered as if the provisions repealed by subsection (a), and the amendments made by those provisions [enacting this section and sections 6039A and 6698A of this title, redesignating former section 1023 as , and amending sections 306, 691, 1001, 1014, 1016, 1223, and 1246 of this title], had not been enacted.”
, , , as amended by , , , provided that:

Pub. L. 96–223, title IV, § 401(e)94 Stat. 301

section 1024 of this titlesection 1014 of this title“The amendments made by this section [amending sections 306, 691, 1001, 1014, 1016, 1040, 1223, 1246, and 2614 of this title, repealing former section 1023 and sections 6039A and 6698A of this title, redesignating former as 1023, and enacting provisions set out as notes under this section and ] shall apply in respect of decedents dying after .”
, , , provided that:

Effective Date of 1976 Amendment

section 1901(a)(127) of Pub. L. 94–455section 1901(d) of Pub. L. 94–455section 2 of this titleAmendment by applicable with respect to taxable years beginning after , see , set out as a note under .

Repeals

Pub. L. 94–455, § 1901(a)(127)section 1024 of this titlePub. L. 96–223, title IV, § 401(a)94 Stat. 299section 1023 of this title, cited as a credit to this section, which renumbered this section as , was repealed by , , , resulting in the redesignation of this section as . See Effective Date of 1980 Amendments and Revival of Prior Law note set out above.