Louisiana Revised Statutes 47:151 – Unadjusted basis; property acquired during affiliation
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Terms Used In Louisiana Revised Statutes 47:151
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
In the case of property acquired by a corporation, during a period of affiliation, from a corporation with which it was affiliated, the basis of such property after such period of affiliation, shall be determined in accordance with regulations prescribed by the collector, without regard to inter-company transactions in respect to which gain or loss was not recognized.
For the purpose of this Section, the term “period of affiliation” means the period during which such corporations were affiliated, determined in accordance with the law applicable thereto, but does not include any taxable year beginning on or after January 1, 1934.