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.
26 U.S. Code § 722. Basis of contributing partner’s interest
1984—Pub. L. 98–369 inserted “under section 721(b)” after “gain recognized”.
Effective Date of 1984 Amendment