purchase
(5) Purchase For purposes of this subsection— (A) In general Except as otherwise provided in this paragraph, the term “purchase” means any acquisition but only if— (i) the basis of the property acquired in the hands of the acquirer is not determined (I) in whole or in part by reference to the adjusted basis of such property in the hands of the person from whom acquired, or (II) under section 1014(a), and (ii) the property is not acquired in an exchange to which section 351 , 354 , 355 , or 356 applies. (B) Certain section 351 exchanges treated as purchases The term “purchase” includes any acquisition of property in an exchange to which section 351 applies to the extent such property is acquired in exchange for— (i) any cash or cash item, (ii) any marketable stock or security, or (iii) any debt of the transferor. (C) Carryover basis transactions If— (i) any person acquires property from another person who acquired such property by purchase (as determined under this paragraph with regard to this subparagraph), and (ii) the adjusted basis of such property in the hands of such acquirer is determined in whole or in part by reference to the adjusted basis of such property in the hands of such other person, such acquirer shall be treated as having acquired such property by purchase on the date it was so acquired by such other person.