Section 11
SEC. 11. Paragraph [b] of Section 35 of the National Internal Revenue Code is hereby amended to read as follows: “[b] In the case of property acquired on or after March first, nineteen hundred and thirteen, the cost thereof, if such property was acquired by purchase or the fair market price or value as of the date of the acquisition if the same was acquired by inheritance. If the property was acquired by gift or transferred for less than adequate and full consideration in money or money’s worth, the basis to the transferee shall be the same as it would be in the hands of the donor or transferor.