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26 U.S.C. § 723 — Basis of property contributed to partnership

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 48 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section sets the basis of property contributed to a partnership. It is the contributor’s adjusted basis, increased by certain gain recognized under section 721(b).

The basis of property contributed to a partnership by a partner must be 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 property contributed to a partnership by a partner shall be 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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