Louisiana Revised Statutes 47:214 – Basis of distributee partner’s interest
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Terms Used In Louisiana Revised Statutes 47:214
- 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.
In the case of a distribution by a partnership to a partner other than in liquidation of a partner’s interest, the adjusted basis to such partner of his interest in the partnership shall be reduced (but not below zero) by:
(1) the amount of any money distributed to such partner, and
(2) the amount of the basis to such partner of distributed property other than money, as determined under La. Rev. Stat. 47:213.
Added by Acts 1958, No. 441, §2.