Louisiana Revised Statutes 47:217 – Recognition and character of gain or loss on sale or exchange
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Terms Used In Louisiana Revised Statutes 47:217
- 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 sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. Such gain or loss shall be considered as gain or loss from the sale or exchange of a capital asset.
Added by Acts 1958, No. 441, §2.