...sustained during the taxable year "incurred in any transaction entered into for profit," § 214(a) ; and that "for the purpose of ascertaining the gain derived...loss sustained from the sale or other disposition of property . . . the basis shall be — (1) In the case of property acquired before March 1, 1913, the...

...certainly not in the excise act of 1909. It is found as a legislative declaration of "the basis" for ascertaining the "gain derived or loss sustained from...disposition of property, real, personal or mixed," and significantly, proceeds to fix the bases: (1) "In the case of property acquired before March 1,...

...amendment was made proposing to apply against the basis provided in section 202 any tax-free distribution for the purpose of ascertaining the gain derived or...loss sustained from the sale or other disposition of the stock. In the discussion which followed it was pointed out that the purpose of the amendment was...

...less the personal exemptions allowed by this chapter. Sec. 28. Rules for determining gain or loss.— For the purpose of ascertaining the gain derived or...property, real, personal or mixed, the basis shall be the cost price of such property if the same was bought by the taxpayer subsequent to March first, nineteen...

...account. Section 202 of the Revenue Act of 1918 provides in part: (a) That for the purpose of ascertaining gain derived or loss sustained from the sale or other...disposition of property, real, personal, or mixed, the basis .-Lall be— (1) In the case of property acquired before March 1, 1913, the fair market price or value...

...•"; and by section 202 is provided the basis for determining such gains, as f ollows : "Sec. 202 (a) That for the purpose of ascertaining the gain derived...property, real, personal, or mixed, the basis shall be • * • (2) In the case of property acquired on or after that date [March 1,1913], tie cost thereof....

...inheritance.'* When property is acquired before March i, ^913.*— LAW. Section 202 (b) The basis for ascertaining the gain derived or loss sustained from...disposition of property, real, personal, or mixed, acquired before March i, 1913, shall be the same as that provided by subdivision (a) [that is to say,...

...1916 law in referring to individuals specifically declared "that for the purpose of ascertaining the loss sustained from the sale or other disposition of property, real, personal and mixed, acquired before March first, nineteen hundred and thirteen, the fair market price or value...

...necessity for this chapter is to be found in section 19 of the act, which reads in part as follows : "For the purpose of ascertaining the gain derived or loss sustained from the sale or other dispositions of property, real. personal or mixed acquired prior to January 1, 1928, and disposed of...

...1929.— Decided January 6, 1930. 1. Under the Revenue Acts of 1918 and 1921, which provide, §§ 202 (a), that for the purpose of ascertaining the gain derived or loss sustained from the sale of property " acquired " on or after March Argument for Petitioner. 280 US 1, 1913, the basis shall...