Louisiana Revised Statutes 47:211 – Basis of property contributed to partnership
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Terms Used In Louisiana Revised Statutes 47:211
- 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 property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution.
Added by Acts 1958, No. 441, §2.