26 U.S.C. § 705
Determination of basis of partner’s interest
# (a) General rule
The adjusted basis of a partner’s interest in a partnership shall, except as provided in subsection (b), be the basis of such interest determined under section 722 (relating to contributions to a partnership) or section 742 (relating to transfers of partnership interests)— (1) increased by the sum of his distributive share for the taxable year and prior taxable years of— (A) taxable income of the partnership as determined under section 703(a), (B) income of the partnership exempt from tax under this title, and (C) the excess of the deductions for depletion over the basis of the property subject to depletion; (2) decreased (but not below zero) by distributions by the partnership as provided in section 733 and by the sum of his distributive share for the taxable year and prior taxable years of— (A) losses of the partnership, and (B) expenditures of the partnership not deductible in computing its taxable income and not properly chargeable to capital account; and (3) decreased (but not below zero) by the amount of the partner’s deduction for depletion for any partnership oil and gas property to the extent such deduction does not exceed the proportionate share of the adjusted basis of such property allocated to such partner under section 613A(c)(7)(D).
# (b) Alternative rule
The Secretary shall prescribe by regulations the circumstances under which the adjusted basis of a partner’s interest in a partnership may be determined by reference to his proportionate share of the adjusted basis of partnership property upon a termination of the partnership.
Source: view the official text
Cited by 47
- 26 CFR § 1.1045-1 — Application to partnerships.
- 26 CFR § 1.108(i)-2 — Application of section 108(i) to partnerships and S corporations.
- 26 CFR § 1.1400Z2(a)-1 — Deferring tax on capital gains by investing in opportunity zones.
- 26 CFR § 1.1400Z2(b)-1 — Inclusion of gains that have been deferred under section 1400Z-2(a).
- 26 CFR § 1.1400Z2(c)-1 — Investments held for at least 10 years.
- 26 CFR § 1.1411-10 — Controlled foreign corporations and passive foreign investment companies.
- 26 CFR § 1.1446-3 — Time and manner of calculating and paying over the 1446 tax.
- 26 CFR § 1.1502-13 — Intercompany transactions.
- 26 CFR § 1.1503(d)-5 — Attribution of items and basis adjustments.
- 26 CFR § 1.163(j)-6 — Application of the section 163(j) limitation to partnerships and subchapter S corporations.
- 26 CFR § 1.170A-14 — Qualified conservation contributions.
- 26 CFR § 1.267(b)-1 — Relationships.
Show 35 more
- 26 CFR § 1.358-7 — Transfers by partners and partnerships to corporations.
- 26 CFR § 1.362-3 — Basis of importation property acquired in loss importation transaction.
- 26 CFR § 1.362-4 — Basis of loss duplication property.
- 26 CFR § 1.43-1 — The enhanced oil recovery credit—general rules.
- 26 CFR § 1.48D-0 — Table of contents.
- 26 CFR § 1.48D-6 — Elective payment election.
- 26 CFR § 1.50-1 — Lessee's income inclusion following election of lessor of investment credit property to treat lessee as acquirer.
- 26 CFR § 1.514(c)-2 — Permitted allocations under section 514(c)(9)(E).
- 26 CFR § 1.59A-3 — Base erosion payments and base erosion tax benefits.
- 26 CFR § 1.613A-3 — Exemption for independent producers and royalty owners.
- 26 CFR § 1.6417-4 — Elective payment election for electing taxpayers that are partnerships or S corporations.
- 26 CFR § 1.6418-3 — Additional rules for partnerships and S corporations.
- 26 CFR § 1.701-2 — Anti-abuse rule.
- 26 CFR § 1.704-1 — Partner's distributive share.
- 26 CFR § 1.704-2 — Allocations attributable to nonrecourse liabilities.
- 26 CFR § 1.705-1 — Determination of basis of partner's interest.
- 26 CFR § 1.705-2 — Basis adjustments coordinating sections 705 and 1032.
- 26 CFR § 1.706-4 — Determination of distributive share when a partner's interest varies.
- 26 CFR § 1.741-1 — Recognition and character of gain or loss on sale or exchange.
- 26 CFR § 1.742-1 — Basis of transferee partner's interest.
- 26 CFR § 1.752-7 — Partnership assumption of partner's § 1.752-7 liability on or after June 24, 2003.
- 26 CFR § 1.771-1 — Effective date.
- 26 CFR § 1.852-4 — Method of taxation of shareholders of regulated investment companies.
- 26 CFR § 1.865-2 — Loss with respect to stock.
- 26 CFR § 1.884-1 — Branch profits tax.
- 26 CFR § 1.955A-2 — Amount of a controlled foreign corporation's qualified investments in foreign base company shipping operations.
- 26 CFR § 1.965-0 — Outline of section 965 regulations.
- 26 CFR § 1.965-3 — Section 965(c) deductions.
- 26 CFR § 1.987-7 — Application of the section 987 regulations to partnerships and S corporations.
- 26 CFR § 301.6241-4 — Payments nondeductible.
- 26 CFR § 53.4968-2 — Net investment income.
- 26 U.S.C. § 48D — Advanced manufacturing investment credit
- 26 U.S.C. § 6417 — Elective payment of applicable credits
- 26 U.S.C. § 6418 — Transfer of certain credits
- 26 U.S.C. § 965 — Treatment of deferred foreign income upon transition to participation exemption system of taxation
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