Louisiana Revised Statutes 47:210 – Basis of contributing partner’s interest
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Terms Used In Louisiana Revised Statutes 47:210
- 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.
The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of such money and the adjusted basis of such property to the contributing partner at the time of the contribution.
Added by Acts 1958, No. 441, §2.