Louisiana Revised Statutes — Title 47 (Revenue and Taxation)
La. R.S. 47:219
Optional adjustment to basis of partnership property
# A.
General rule. The basis of partnership property shall not be adjusted as the result of a transfer of an interest in a partnership by sale or exchange or on the death of a partner unless the election provided by R.S. 47:220.1 (relating to optional adjustment to basis of partnership property) is in effect with respect to such partnership.
# B.
Adjustment to basis of partnership property. In the case of a transfer of an interest in a partnership by sale or exchange or upon the death of a partner, a partnership with respect to which the election provided in R.S. 47:220.1 is in effect shall:
# (1)
increase the adjusted basis of the partnership property by the excess of the basis to the transferee partner of his interest in the partnership over his proportionate share of the adjusted basis of the partnership property, or
# (2)
decrease the adjusted basis of the partnership property by the excess of the transferee partner's proportionate share of the adjusted basis of the partnership property over the basis of his interest in the partnership. Under regulations prescribed by the collector, such increase or decrease shall constitute an adjustment to the basis of partnership property with respect to the transferee partner only. A partner's proportionate share of the adjusted basis of partnership property shall be determined in accordance with his interest in partnership capital and, in the case of an agreement described in R.S. 47:204 C(2) (relating to effect of partnership agreement on contributed property), such share shall be determined by taking such agreement into account. In the case of an adjustment under this subsection to the basis of partnership property subject to depletion, any depletion allowable shall be determined separately for the transferee partner with respect to his interest in such property.
# C.
Allocation of basis. The allocation of basis among partnership properties where Subsection B of this Section is applicable shall be made in accordance with the rules provided in R.S. 47:220.2.
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In this chapter (25 sections)
- 47:201 · Partnership informational return of income required;…
- 47:201.1 · Composite returns for nonresident partners or members
- 47:201.2 · Reporting adjustments to federal taxable income and federal…
- 47:202 · Income of partner
- 47:203 · Partnership computations
- 47:204 · Partner's distributive share
- 47:205 · Determination of basis of partner's interest
- 47:206 · Taxable years of partner and partnership
- 47:207 · Transactions between partner and partnership
- 47:208 · Continuation of partnership
- 47:209 · Nonrecognition of gain or loss on contribution
- 47:210 · Basis of contributing partner's interest
- 47:211 · Basis of property contributed to partnership
- 47:212 · Extent of recognition of gain or loss on distribution
- 47:213 · Basis of distributed property other than money
- 47:214 · Basis of distributee partner's interest
- 47:215 · Optional adjustment to basis of undistributed partnership…
- 47:216 · Payments to a retiring partner or a deceased partner's…
- 47:217 · Recognition and character of gain or loss on sale or exchange
- 47:218 · Basis of transferee partner's interest
- 47:219 · Optional adjustment to basis of partnership property
- 47:220 · Treatment of certain liabilities
- 47:220.1 · Manner of electing optional adjustment to basis of…
- 47:220.2 · Rules for allocation of basis
- 47:220.3 · Terms defined