Louisiana Revised Statutes 47:209 – Nonrecognition of gain or loss on contribution
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Terms Used In Louisiana Revised Statutes 47:209
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership.
Added by Acts 1958, No. 441, §2.