The basis to a special employee-owned corporation for the contributed property by an ordinary, special or corporate member shall be the adjusted basis of said property for the member in question at the time of the contribution, increased by the gain recognized to the contributing member (pursuant to § 30538 of this title) in case of property subject to liabilities or encumbrances. In the event that the contributed property had been flexibly depreciated, the basis of such property for the special corporation shall be equal to the flexibly adjusted basis (as defined in § 30181(d)(2) of this title) of the contributed property, increased by the gain or decreased by the loss recognized to the contributing member. In the event that the contributed property had been subject to accelerated depreciation, the basis of said property for the special corporation shall be equal to the contributed property basis, decreased by the depreciation claimed under the accelerated depreciation method, increased by the gain, or decreased by the loss recognized to the contributing member. History —Jan. 31, 2011, No. 1, § 1113.11, retroactive to Jan. 1, 2011.