26 USC 1011: Adjusted basis for determining gain or loss
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26 USC 1011: Adjusted basis for determining gain or loss Text contains those laws in effect on January 23, 2000
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter O-Gain or Loss on Disposition of PropertyPART II-BASIS RULES OF GENERAL APPLICATION
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§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.

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

Amendments

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

Effective Date of 1969 Amendment

Amendment by Pub. L. 91–172 applicable with respect to sales made after Dec. 19, 1969, see section 201(g)(6) of Pub. L. 91–172, set out as a note under section 170 of this title.

Cross References

Bad debt deduction determined by reference to adjusted basis provided in this section, see section 166 of this title.

Basis for determining gain or loss on new vessel acquired in exchange for obsolete vessel under Merchant Marine Act, see section 1160 of Title 46, Appendix, Shipping.

Computation of gain or loss by reference to adjusted basis provided in this section, see section 1001 of this title.

Cost depletion basis as the adjusted basis provided in this section, see section 612 of this title.

Loss deduction determined by reference to adjusted basis provided in this section, see section 165 of this title.

Section Referred to in Other Sections

This section is referred to in sections 165, 166, 612, 1001 of this title.