26 USC 1013: Basis of property included in inventory
Text contains those laws in effect on January 4, 1995
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
§1013. Basis of property included in inventory
If the property should have been included in the last inventory, the basis shall be the last inventory value thereof.
(Aug. 16, 1954, ch. 736,
Cross References
Capital assets as not including property includible in inventory if on hand at close of taxable year, see section 1221 of this title.
Character of gain or loss on disposition by distributee partner of inventory items, see section 735 of this title.
General rules for inventories, see section 471 of this title.
Inventory carryovers, see section 381 of this title.
LIFO inventories, generally, see section 472 of this title.
Property includible within inventories as not property used in trade or business, see section 1231 of this title.