Date of Download: Sep 14, 2001

USCA (United States Code Annotated)

26 USCA S 1011

Copr. © West 2001 No Claim to Orig. U.S. Govt. Works

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26 U.S.C.A. § 1011 I.R.C. § 1011

UNITED STATES CODE ANNOTATED

TITLE 26. INTERNAL REVENUE CODE

SUBTITLE A--INCOME TAXES

CHAPTER 1--NORMAL TAXES AND SURTAXES

SUBCHAPTER O--GAIN OR LOSS ON DISPOSITION OF PROPERTY

PART II--BASIS RULES OF GENERAL APPLICATION

Copr. © West Group 2001. No claim to Orig. U.S. Govt. Works.

Current through P.L. 107-11, approved 5-28-01

§ 1011. Adjusted basis for determining gain or loss

(a) General rule.--The adjusted basis for determining the gain or loss from the sale or other disposition of property, whenever acquired, shall be the basis (determined under section 1012 or other applicable sections of this subchapter and subchapters C (relating to corporate distributions and adjustments), K (relating to partners and partnerships), and P (relating to capital gains and losses)), adjusted as provided in section 1016.

(b) Bargain sale to a charitable organization.--If a deduction is allowable under section 170 (relating to charitable contributions) by reason of a sale, then the adjusted basis for determining the gain from such sale shall be that portion of the adjusted basis which bears the same ratio to the adjusted basis as the amount realized bears to the fair market value of the property.

CREDIT(S)

1988 Main Volume

(Aug. 16, 1954, c. 736, 68A Stat. 296; Dec. 30, 1969, Pub.L. 91-172, Title II, § 201(f), 83 Stat. 564.)

HISTORICAL AND STATUTORY NOTES

Revision Notes and Legislative Reports

1954 Act. House Report No. 1337, Senate Report No. 1622, and House Conference Report No. 2543, see 1954 U.S.Code Cong. and Adm.News, pp. 4407, 5065.

1969 Act. House Report No. 91-413, Senate Report No. 91-552, and Conference Report No. 91-782, see 1969 U.S.Code Cong. and Adm.News, p. 1645.

Amendments

1969 Amendment. Pub.L. 91-172 redesignated existing provisions as subsec. (a) and added subsec. (b).

Effective and Applicability Provisions

1969 Act. Amendment by Pub.L. 91-172 applicable with respect to sales made after Dec. 19, 1969, see § 201(g)(6) of Pub.L. 91-172, set out as a note