Louisiana § RS 47:142 - Unadjusted basis; gifts after December 31, 1933
Full text of Louisiana Louisiana Civil Code § RS 47:142 — Unadjusted basis; gifts after December 31, 1933, with citation guidance and answers to common questions.
§ RS 47:142. Unadjusted basis; gifts after December 31, 1933
If the property was acquired by gift after December 31, 1933, the basis shall be the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift, except that for the purpose of determining loss the basis shall be the basis so determined or the fair market value of the property, at the time of the gift, whichever is lower. If the facts necessary to determine the basis in the hands of the donor or the last preceding owner are unknown to the donee, the collector shall, if possible, obtain such facts from such donor or last preceding owner, or any other person cognizant thereof. If the collector finds it impossible to obtain such facts, the basis in the hands of such donor or last preceding owner shall be the fair market value of such property as found by the collector as of the date or approximate date at which, according to the best information that the collector is able to obtain, such property was acquired by such donor or last preceding owner.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:142
What does Louisiana Civil Code § RS 47:142 cover?
Section RS 47:142 ("Unadjusted basis; gifts after December 31, 1933") 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 47:142?
A common citation format is "Louisiana Civil Code § RS 47:142" (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 47:142 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.