Louisiana § RS 47:207 - Transactions between partner and partnership
Full text of Louisiana Louisiana Civil Code § RS 47:207 — Transactions between partner and partnership, with citation guidance and answers to common questions.
§ RS 47:207. Transactions between partner and partnership
A. Partner not acting in capacity as partner. If a partner engages in a transaction with a partnership other than in his capacity as member of such partnership, the transaction shall, except as otherwise provided in this Section, be considered as occurring between the partnership and one who is not a partner.
B. Certain sales or exchanges of property with respect to controlled partnerships.
(1) Losses disallowed. No deduction shall be allowed in respect of losses from sales or exchanges of property (other than an interest in the partnership), directly or indirectly, between:
(a) a partnership and a partner owning, directly or indirectly, more than 50 per cent of the capital interest, or the profits interest, in such partnership, or
(b) two partnerships in which the same persons own, directly, or indirectly, more than 50 per cent of the capital interests or profits interests.
C. Guaranteed payments. To the extent determined without regard to the income of the partnership, payments to a partner for services or the use of capital shall be considered as made to one who is not a member of the partnership, but only for the purposes of R.S. 47:42 (relating to gross income) and R.S. 47:62 (relating to trade or business expenses).
Added by Acts 1958, No. 441, §2.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:207
What does Louisiana Civil Code § RS 47:207 cover?
Section RS 47:207 ("Transactions between partner and partnership") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 47:207?
A common citation format is "Louisiana Civil Code § RS 47:207" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 47:207 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.