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U.S. Code, Title 26, Internal Revenue Code
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 1051. Property Acquired During Affiliation
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.)
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.
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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 1051. Property Acquired During Affiliation," U.S. Code, Title 26, Internal Revenue Code in U.S. Code, Title 26, Internal Revenue Code (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed May 11, 2025, http://www.originalsources.com/Document.aspx?DocID=GZ2D4AVWYZA91KZ.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 1051. Property Acquired During Affiliation." U.S. Code, Title 26, Internal Revenue Code, in U.S. Code, Title 26, Internal Revenue Code, Washington, D.C., Government Printing Office, 2002, Original Sources. 11 May. 2025. http://www.originalsources.com/Document.aspx?DocID=GZ2D4AVWYZA91KZ.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 1051. Property Acquired During Affiliation' in U.S. Code, Title 26, Internal Revenue Code. cited in 2002, U.S. Code, Title 26, Internal Revenue Code, Government Printing Office, Washington, D.C.. Original Sources, retrieved 11 May 2025, from http://www.originalsources.com/Document.aspx?DocID=GZ2D4AVWYZA91KZ.
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