§155. Unadjusted basis; property acquired before January 1, 1934
In the case of property acquired before January 1, 1934, if the basis otherwise determined under R.S. 47:140 through 47:154, adjusted as provided in R.S. 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.
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