258 SIXTY-EIGHTH CONGRESS. Sess. I. Ch. 234. 1924. ¤*°°¤¤ MX- 'ority of the voting stock and at least a majority of the total number of shares of all other classes of stock of another corporation. °?Z¤”§_*;*f,?°”S**“*" (i) As used in this section the term " control " means the owneras °°° ship of at least 80 per centum of the voting stock and at least 80 per centum of the total number of shares of all other classes of stock of the corporation. i0£,°°°'°’i°i°g gm or mers rox DETERMINING elim on Loss, nmmmrou, Arm 11111-n1¤c1A·r1oN. 0** °°“ “‘“° °” mc. 204. a The basis for determinin the in or loss from the $iiir:<°f3fo¤irm§‘ggr*§; sage or othei· disposition of property acguireclgihfter February 28, "Q;‘:’,;:,1;`,,_ 1913, shall be the cost of such property; except thats- _ Invenuxyvalus- (1) If the property should have been included in the last m- ventory, the basis shall be the last inventory value thereof; Gifs ¤f¢¤r¤>¤£¤¤9¤‘ (2) If the property was acquired by gift after December 31, irknigiiiagiimi ° m 1920, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acqipred by .1Ss¤·m¤mm. gift. If the facts necessary to determine such basis are 1111 own to the donee, the Commimioner shall, if possible, obtain such facts from such donor or last preceding owner or any other person cognizant Q °¤ ’é;°,fgg'j thereof. If the Commissioner finds it impossible to obtain such
- ,?¤.m Y facts, the basis shall be the fair market va ue of such property as
found by the Commissioner as of the date or approximate date at which, according to the best information that the Commissioner is able to obtain, such property was acquired by such donor or last pre- T¤‘¤¤* ·**°· 3 t ro wasa mrc aer ecem r , a ggg iglifmlid; per? d ft D be 31 1920b iiiiiiggvn. be traingfer in trgt (ot er thanciby a transfer in trust by bequiestyor devise) the basis shall be the same as it would bein the ands of the grantor, increased in the amount of gain or decreased in the amount of loss recognized to the grantor upon such transfer under the law Esmss ¤¤¤¤isi¤¤¤¤ applicable to the year in which the transfer was made. The provi- °‘°°°°°°‘ sions of this paragraph shall not apply to the ac uisition of such v0i4z,p.zvs. property interests as are specified in su division or (e) of sec- 1··»¢,p.au. tion 402 of the Revenue Act of 1921 or in subdivision (c), (d), or (f) of section 302 of this Act; _ _ cms before Decem- qi) If the property was acquired by gift or transfer in trust on "°"‘· “”°· or fore December 31, 1920, the basis shall be the fair market value of such property at the time of such acquisition; B<>¤¤¤¤¤¤·¤¢¤· (5) I the property was acquired by bequest, devise, or inheritance, the basis shall be the fair market value of such property at the p,,’£§gg¤g$*&§bQ°g,@$m‘ time of such acquisition. The provisions of this paragraph shall apply to the acquisition of such property interests as are specified in subd1v1sion (c) or (ep of section 402 of the Revenue Act of 1921, or in subdivision (c), ( ), or (f) of section 302 of this Act; Amwgg on su sx- (6) the property was acquired upon an exchange described in wm" subdivision (b), (d), (e), or (f) of section 203, the basis shall be the same as in the case of the pfoperty exchanged, decreased in the amount of any money received y the taxpayer and increased in the amount of gain or decreased in the amount of loss to the taxpa er that was recognized upon such exchange under the law applicable realy by exchange to the year in which the exchange was made. If the propert so md ”’°"’°‘ *"°"""" acquired consisted in part of the type of property permittedir by paragraph (1),_(2), (3), or (4) of subdivision (b) of section 203 to be received without the recognition of gain or loss, and in part of other property, the basis prov1ded in this paragraph shall be allocated between the properties (other than money) received, and for the purpose of the allocation there shall be assigned to such other Issues Ol stock W property an amount equivalent to its fair market value at the date .,.,,,m_ of the exchange. This paragraph shall not apply to property ac-
