Louisiana Revised Statutes 47:155 – Unadjusted basis; property acquired before January 1, 1934
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Terms Used In Louisiana Revised Statutes 47:155
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
In the case of property acquired before January 1, 1934, if the basis otherwise determined under La. Rev. Stat. 47:140 through 47:154, adjusted as provided in La. Rev. Stat. 47:156, is less than the fair market value of the property as of January 1, 1934, 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 January 1, 1934, due regard shall be given to the fair market value of the assets of the corporation as of that date.