Louisiana Revised Statutes — Title 47 (Revenue and Taxation)
La. R.S. 47:220
Treatment of certain liabilities
# A.
Increase in partner's liabilities. Any increase in a partner's share of the liabilities of a partnership, or any increase in a partner's individual liabilities by reason of the assumption by such partner of partnership liabilities, shall be considered as a contribution of money by such partner to the partnership.
# B.
Decrease in partner's liabilities. Any decrease in a partner's share of the liabilities of a partnership, or any decrease in a partner's individual liabilities by reason of the assumption by the partnership of such individual liabilities, shall be considered as a distribution of money to the partner by the partnership.
# C.
Liability to which property is subject. For purposes of this Section, liability to which property is subject shall, to the extent of the fair market value of such property, be considered as a liability of the owner of the property.
# D.
Sale or exchange of an interest. In the case of a sale or exchange of an interest in a partnership, liabilities shall be treated in the same manner as liabilities in connection with the sale or exchange of property not associated with partnerships.
Source: view the official text
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