Louisiana Revised Statutes 47:144 – Unadjusted basis; gift or transfer in trust before January 1, 1934
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Terms Used In Louisiana Revised Statutes 47:144
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
If the property was acquired by gift or transfer in trust on or before January 1, 1934, the basis shall be the fair market value of such property at the time of such acquisition.