![]() |
United States Code (Last Updated: May 24, 2014) |
![]() |
Title 26. INTERNAL REVENUE CODE |
![]() |
SubTitle A. Income Taxes |
![]() |
Chapter 1. NORMAL TAXES AND SURTAXES |
![]() |
SubChapter K. Partners and Partnerships |
![]() |
Part II. CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERS |
![]() |
SubPart A. Contributions to a Partnership |
§ 723. Basis of property contributed to partnership
-
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.
Amendments
1984—Pub. L. 98–369 inserted “under section 721(b)” after “gain recognized”.
1976—Pub. L. 94–455 inserted “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 Amendment
Amendment by Pub. L. 98–369 effective as if included in amendments made by section 2131 of the Tax Reform Act of 1976, Pub. L. 94–455, see section 722(f)(2) of Pub. L. 98–369, set out as a note under section 722 of this title.
For effective date of amendment made by Pub. L. 94–455, see section 2131(f)(3)–(5) of Pub. L. 94–455, set out as a note under section 721 of this title.