32 V.S.A. § 5834 — Computation of gains and losses

For the purpose of ascertaining gain or loss from the sale or other disposition of
property, real, personal, or mixed, acquired before January 1, 1931, the taxpayer
may, in lieu of the adjusted basis prescribed by the applicable U.S. Internal Revenue
Code, use the fair market value of such property as of January 1, 1931, adjusted for
the period subsequent thereto. In all other respects, the gain or loss on the sale
or other disposition of property shall be ascertained as prescribed by such Code. (