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26 U.S.C. § 733 — Basis of distributee partner’s interest

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 71 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section states how to determine a distributee partner’s basis in a partnership interest. It uses the partnership’s adjusted basis and the partner’s share of liabilities as specified.

In the case of a distribution by a partnership to a partner other than in liquidation of a partner’s interest, the adjusted basis to such partner of his interest in the partnership must be reduced (but not below zero) by— (1) the amount of any money distributed to such partner, and (2) the amount of the basis to such partner of distributed property other than money, as determined under section 732.
the actual law source: uscode.house.gov ↗public domain

In the case of a distribution by a partnership to a partner other than in liquidation of a partner’s interest, the adjusted basis to such partner of his interest in the partnership shall be reduced (but not below zero) by—

(1)

the amount of any money distributed to such partner, and

(2)

the amount of the basis to such partner of distributed property other than money, as determined under section 732.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 247.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736

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

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