{"data":{"id":"us-la/rs-47-215","jurisdiction":"us-la","citation":"RS 47:215","heading":"Optional adjustment to basis of undistributed partnership property","body":"A. General rule. The basis of partnership property shall not be adjusted as the result of a distribution of property to a partner unless the election, provided in R.S. 47:220.1 (relating to optional adjustment to basis of partnership property), is in effect with respect to such partnership.\nB. Method of adjustment. In the case of a distribution of property to a partner, a partnership, with respect to which the election provided in R.S. 47:220.1 is in effect, shall:\n(1) Increase the adjusted basis of partnership property by:\n(a) the amount of any gain recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(1), and\n(b) in the case of distributed property to which R.S. 47:213 A(2) or B applies, the excess of the adjusted basis of the distributed property to the partnership immediately before the distribution as adjusted by R.S. 47:213 D over the basis of the distributed property to the distributee, as determined under R.S. 47:213, or\n(2) Decrease the adjusted basis of partnership property by:\n(a) the amount of any loss recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(2), and\n(b) in the case of distributed property to which R.S. 47:213 B applied, the excess of the basis of the distributed property to the distributee, as determined under R.S. 47:213, over the adjusted basis of the distributed property to the partnership immediately before such distribution (as adjusted in accordance with R.S. 47:213 D).\nC. Allocation of basis. The allocation of basis among partnership properties where Subsection B is applicable shall be made in accordance with the rules provided in R.S. 47:220.2.","path":["TITLE 47. REVENUE AND TAXATION"],"source_url":"https://www.legis.la.gov/legis/Law.aspx?d=101509","current_through":"2025 First Extraordinary Session","vintage":"","retrieved_at":"2026-09-14T05:02:19Z","sha256":"b7ce9bfe4de47351125d4dd599872f66cdbb4bac7efe55a8159d77a33fde839c","source_id":"us-la","stale":false,"prev":"us-la/rs-47-214","next":"us-la/rs-47-216"},"notice":"GroundRules: Original legal text. Not legal advice."}