srxrvmcnru coiveanss. sm. 1. ca. 234. 1924. 259 uired by a corporation by the issuance of its stock or secuiities as ¤*°°¤·¤ Mxllie consideration in whole or in part for the transfer of the property to it; . 7) If the property (other than stock or securities in a co oration A°*g§f°d mf De a Iiarty to the reorganization) was acquired after Decemberrgl, 1917, $$i:)a¤i¤ii{¤nl917'w1(ifi by a corporation in connection with a reorganization, and immedi- E§‘§§,,§§,§YY '°“‘““‘““ ately after the transfer an interest or control in such property of 80 per centum or more remained in the same ersons or any of them, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain or decreased in the amount of loss recognized to the transferor upon such transfer under the law applicable to the year in which the transfer was made; mmm dm D6 (8) If the property (other t an stock or securities in a corpora- cember s1, mn, by tion a party to a reorganization) was acquired after December 31, '”“°°"°°“""°"“ 1920, by a cor ration by the issuance of its stock or securities in connection witlioa transaction described in paragraph (4) of subdivision ((b) of section 203 (including, also, cases where part of the consi eration for the transfer of such property to the corporation was roperty or money in addition to such stock or securities), then the basis shall be the same as it would be in the hands of the transferor increased in the amount of gain or decreased in the amount of loss recognized to the trans eror upon such transfer undier the law applicable to the year in which the transfer was ma e; (9) If the property consists of stock or securities distributed after ¤ga°°$iiSie°i»t» z December 31, 1923, to a taxpagrer in connection with a transaction °“°’D°°°“‘”°"'*‘·’“"* described in subdivision (c) o section 203, the basis in the case of the stock in respect of which the distribution was made shall be apportioned, un er rules and regulations prescribed by the Commissioner with the approval of the Secretary, between such stock and the stock or securities distributed; A md b imok (10) If the property was acquired as the result of a compulsory untacily mvagieu. or mvoluntary conversion described in paragraph (5) of subdivision (b) of section 203, the basis shall be the same as 1D the case of the property so converted, decreased in the amount of any money received by the taxfpayer which was not expended in accordance with the provisions 0 law (applicable to the year in which such conversion was made) determining the taxable status of the gain or loss upon such conversion, and increased in the amount of dgain or decreased in the amount of loss to the taxppyer recognize upon such conversion under the law applicable to the year in which such conversion was made; I (11) If substantially identical property was acquired after De- ati, u1¤pmeiiu¤id°°:i cember 31, 1920, in place of stock or securities which were sold or ‘"“°*‘ “°'°°° ‘“°'°"· disposed of and in respect of which loss was not allowed as a de- PM m 284 duction under paragraph (5) of subdivision (a) of section 214 or ’°°' ’ ' aragraph (4) of subdivision (a) of section 234 of this Act or the Revenue Act of 1921, the basis in the case of the property so acquired shall be the basis in the case of the stock or securities so sold or disposed of, except that if the repurchase price was in excess of the sale price such basis shall be increased in the amount of the difference, or if the repurchase price was less than the sale price such basis shall be deci-easedfin tliie amount of glue diifereniiie. fr h Sal Baum of ww b The basis or etermining the in or ow om the e or ·»0P*°N at offici? d.i?osition of property acquirefa before March 1, 1913, shall be (A) the cost of such property (or, in the case of such pro rty “ ‘ as is described in paragra h (1), (4), or (21, of subdivision (agithe basis as therein rovidedl), or (BL the _ market value of such _ property as of Miirch 1, 1913 whic ever is greater. In determining °,{,’_g_§g'”*‘”°"°“ the fair market value of stool: in a corporation as of March 1, 1913,
