[Code of Federal Regulations]
[Title 26, Volume 11]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.1015-3]

[Page 57]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.1015-3  Gift or transfer in trust before January 1, 1921.

    (a) In the case of property acquired by gift or transfer in trust 
before January 1, 1921, the basis of such property is the fair market 
value thereof at the time of the gift or at the time of the transfer in 
trust.
    (b) The principles stated in paragraph (b) of Sec. 1.1015-1 
concerning the uniform basis are applicable in determining the basis of 
property where more than one person acquires an interest in property by 
gift or transfer in trust before January 1, 1921. In addition, if an 
interest in such property was acquired from a decedent and the property 
had not been sold, exchanged, or otherwise disposed of before the death 
of the donor, the rules prescribed in section 1014 and the regulations 
thereunder are applicable in determining the basis of such property in 
the hands of the taxpayer.