# 26 U.S.C. § 1053: Property acquired before March 1, 1913

Source: OLRC release point 119-134 <https://uscode.house.gov/us/usc/119-134/t26/s1053>. Cite pinpoints as 26 U.S.C. § 1053(a)(1).

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.

## Regulations

- [Treas. Reg. § 1.1053-1](/26/reg/1.1053-1.md): Property acquired before March 1, 1913. (interprets § 1053)

## Leading cases

- [Southern Pacific Transp. Co. v. Commissioner, 75 T.C. 497 (1980)](https://www.courtlistener.com/opinion/4705299/southern-pacific-transp-co-v-commissioner/)
- [Weyerhaeuser Co. v. United States, 32 Fed. Cl. 80 (Fed. Cl. 1994)](https://www.courtlistener.com/opinion/6762400/weyerhaeuser-co-v-united-states/)

## Connections

Cites: § 1016 Adjustments to basis

Cited by: none

Derived from: 1939 § 113(a)(14)

## Amendments

- 1954-08-16: [Act Aug. 16, 1954, ch. 736](/26/act/1954-ch736.md), 68A Stat. 311
- 1958-09-02: [Pub. L. 85-866](/26/act/85-866.md), 72 Stat. 1642