U.S. Code, Title 26, Internal Revenue Code

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Author: "U.S. Congress, Office of the Law Revision Counsel"

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§ 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.)

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.

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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 March 29, 2024, 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. 29 Mar. 2024. 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 29 March 2024, from http://www.originalsources.com/Document.aspx?DocID=GZ2D4AVWYZA91KZ.