In the case of property acquired before , if the basis otherwise determined under this subtitle, adjusted (for the period before ) as provided in section 1016, is less than the fair market value of the property as of , 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 , due regard shall be given to the fair market value of the assets of the corporation as of that date.
Aug. 16, 1954, ch. 73668A Stat. 311Pub. L. 85–866, title I, § 4772 Stat. 1642(, ; , , .)
Editorial Notes
Amendments
Pub. L. 85–8661958— substituted “subtitle” for “part”.
Statutory Notes and Related Subsidiaries
Effective Date of 1958 Amendment
Pub. L. 85–866section 1(c)(1) of Pub. L. 85–866section 165 of this titleAmendment by applicable to taxable years beginning after , and ending after , see , set out as a note under .