26 U.S.C. § 722 — Basis of contributing partner’s interest

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 62 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets the basis of a partnership interest acquired by contributing money or property. The basis includes the money, the property’s adjusted basis, and certain recognized gain.

The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership must be the amount of such money and the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 721(b) to the contributing partner at such time.

the actual law source: uscode.house.gov ↗public domain

The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of such money and the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 721(b) to the contributing partner at such time.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 245; Pub. L. 94–455, title XXI, § 2131(c), Oct. 4, 1976, 90 Stat. 1924; Pub. L. 98–369, div. A, title VII, § 722(f)(1), July 18, 1984, 98 Stat. 974.)

history & why it existsrecord from the source credit

1954Enacted · Act of Aug. 16, 1954, ch. 736
1976Amended · Pub. L. 94-455 · 90 Stat. 1924
1984Amended · Pub. L. 98-369 · 98 Stat. 974

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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