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74 TH CONGRESS . SESS. II. CH. 690. J UNE 22, 1936 . Property ,acquired
( 11) PROPERT Y ACQUIRED DURING AFF ILIATION . - In the case of dur ing afH hat ion . Determfnatlon of property acquired by a corporation, during a period of affiliation, basis . from a corporation with which it was affiliated, the basis of such property, after such period of affiliation, shall be determined, in ac cord ance wit h re gula tion s pr escr ibed by the Comm issi oner wit h the approval of the Secretary, without regard to inter-company transactions in respect of which gain or loss was not recognized . dea ri odo fa~l iat ion " For the purposes of this paragraph, 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 seq Ba sis and sub- after the taxable year 1928. The basis in case of property acquired bya corporation durinany period, in the taxable year 1929 or an y sub se que nt ta xab le - year, in respect o f which a consolida ted Pose,p.1698.
ret urn is ma de by suc h corpora tion unde r section 141 of th is Act Vol. 45, p. 831. Vol. 47, p. 213.
or the Revenue Act of 1928 or the Revenue Act of 1932 or the Vol.48, p . 721. Revenue Act of 1934, shall be determined in accordance with regu- lations prescribed under section 141 (b) of this Act or the Revenue Act of 1928 or the Revenue Act of 1932 or the Revenue Act of 1934. The basis in the case of property held by a corporation during any period, in the taxable year 1929 or any subsequent taxable year, in respect of which a consolidated return is made by such corporation under section 141 of this Act or the Revenue Act of 1928 or the Revenue Act of 1932 or the Revenue Act of 1934, shall be adjusted in respect of any items relating to such period, in accordance with regulations prescribed under section 141 (b) of this Act or the Revenue Act of 1928 or the Revenue Act of 1932 or the Revenue Act of 1934, applicable to such period . Basis established by
(12) BASIS ESTABLISHED BY REVENUE ACT OF 1932 .-If the prop- Revenue Act of 1932. erty was acquired, after February 28, 1913, in any taxable year beginning prior to January 1, 1934, and the basis thereof, for the purposes of the Revenue Act of 1932 was prescribed by section 113 (a) (6), (7), or (9) of such Act, then for the purposes of this Act the basis shall be the same as the basis therein prescribed in the Revenue Act of 1932. Basis for partnership
(13 ) PA RTNER SHIP S .-If the property was acquired, after Feb- pro bl yvarcy8,191a ruary 28, 1913, by a partnership and the basis is not otherwise determined under any of the paragraphs (1) to (12), inc lusi ve? of this subsection, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain or decreased in the amount of loss recognized to the transferor upon such transfer under the law applicable to the year in which the Distribution by pa rt- transfer was made . If the property was distributed in kind by a nership to partner' partnership to any partner, the basis of such property in the hands of the partner shall be such part of the basis in his hands of his partnership interest as is properly allocable to such property. Property acq uire d
( 14) PROPERTY ACQUIRED BEFORE MARCH 1, 1913 .-In the case of before March 1, 1913 . property acquired before March 1, 1913, if the basis otherwise determined under this subsection, adjusted (for the period prior to March 1, 1913) as provi ded in su bsection (b), is less than the fair market value of the property as of March 1, 1913, then the Fair market value of basis for determining gain shall be such fair market value . In assets' 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 . Property received by
(15) PROPERTY RECEIVED BY A CORPORATION ON COMPLETE LIQ UID A- a corporation on com- er liquida tion of TION OF ANO TH ER
- If the property was receiv ed by a c orporatio n :
.
upon a distribution in complete liquidation of another corporation
