§ 1053. Property acquired before March 1, 1913

In the case of property acquired before March 1, 1913 , if the basis otherwise determined under this subtitle, adjusted (for the period before March 1, 1913 ) as provided in section 1016, is less than the fair market value of the property as of March 1, 1913 , then the basis for determining gain shall be such fair market value. In 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.