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Louisiana Revised Statutes Tit. 47, § 215. Optional adjustment to basis of undistributed partnership property

Current as of January 01, 2023 | Updated by Findlaw Staff

A. General rule. The basis of partnership property shall not be adjusted as the result of a distribution of property to a partner unless the election, provided in R.S. 47:220.1 (relating to optional adjustment to basis of partnership property), is in effect with respect to such partnership.

B. Method of adjustment. In the case of a distribution of property to a partner, a partnership, with respect to which the election provided in R.S. 47:220.1 is in effect, shall:

(1) Increase the adjusted basis of partnership property by:

(a) the amount of any gain recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(1), and

(b) in the case of distributed property to which R.S. 47:213 A(2) or B applies, the excess of the adjusted basis of the distributed property to the partnership immediately before the distribution as adjusted by R.S. 47:213 D over the basis of the distributed property to the distributee, as determined under R.S. 47:213, or

(2) Decrease the adjusted basis of partnership property by:

(a) the amount of any loss recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(2), and

(b) in the case of distributed property to which R.S. 47:213 B applied, the excess of the basis of the distributed property to the distributee, as determined under R.S. 47:213, over the adjusted basis of the distributed property to the partnership immediately before such distribution (as adjusted in accordance with R.S. 47:213 D).

C. Allocation of basis. The allocation of basis among partnership properties where Subsection B is applicable shall be made in accordance with the rules provided in R.S. 47:220.2.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 47, § 215. Optional adjustment to basis of undistributed partnership property - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-47-sect-215/

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