26-U.S.C.-1051
§1051 – Property Acquired During Affiliation
Pathway
Title 26 > Subtitle A > Chapter 1 > Subchapter O > Part IV > Section 1051
Details
- Reference: Section 1051
- Legend: §1051 – Property Acquired During Affiliation
- USCode Year: 2013
Provision Content
In the case of property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property, after such period of affiliation, shall be determined, in accordance with regulations prescribed by the Secretary, without regard to inter-company transactions in respect of which gain or loss was not recognized. For purposes of this section, the term period of affiliation means the period during which such corporations were affiliated (determined in accordance with the law applicable thereto) but does not include any taxable year beginning on or after January 1, 1922, unless a consolidated return was made, nor any taxable year after the taxable year 1928.
(Aug. 16, 1954, ch. 736, 68A Stat. 310; Pub. L. 94–455, title XIX, §§1901(a)(131), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1786, 1834.)
Amendments
1976—Pub. L. 94–455, §1901(a)(131), struck out last two sentences relating to the basis and adjustment of the basis of corporate property where a consolidated return was filed.
Pub. L. 94–455, §1906(b)(13)(A), struck out or his delegate after Secretary.
Effective Date of 1976 Amendment
Amendment by section 1901(a)(131) of Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.
U.S. Encyclopedia of Law Coverage
26-U.S.C.-1045 in the Legal Encyclopedia: Income Taxes
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26-U.S.C.-1041 in the Legal Encyclopedia: Taxation
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26-U.S.C.-1043 in the Legal Encyclopedia: Liability
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