26 U.S. Code § 722 - Basis of contributing partner’s interest
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(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.)
1976—Pub. L. 94–455inserted “increased by the amount (if any) of gain recognized to the contributing partner at such time” after “at the time of the contribution”.
Effective Date of 1984 Amendment
Pub. L. 98–369, div. A, title VII, § 722(f)(2),July 18, 1984, 98 Stat. 974, provided that: “The amendments made by paragraph (1) [amending this section and section 723 of this title] shall take effect as if included in the amendments made by section 2131 of the Tax Reform Act of 1976 [Pub. L. 94–455].”
Effective Date of 1976 Amendment
LII has no control over and does not endorse any external Internet site that contains links to or references LII.