Louisiana § RS 47:205 - Determination of basis of partner's interest
Full text of Louisiana Louisiana Civil Code § RS 47:205 — Determination of basis of partner's interest, with citation guidance and answers to common questions.
§ RS 47:205. Determination of basis of partner's interest
A. General rule. The adjusted basis of a partner's interest in a partnership shall, except as provided in Subsection B of this Section, be the basis of such interest determined under R.S. 47:210 (relating to contributions to a partnership) or R.S. 47:216 (relating to transfers of partnership interests).
(1) increased by the sum of his distributive share for the taxable year and prior taxable years of:
(a) taxable income of the partnership as determined under R.S. 47:203A,
(b) income of the partnership exempt from tax under this Chapter, and
(c) the excess of the deductions for depletion over the basis of the property subject to depletion; and
(2) decreased (but not below zero) by distributions by the partnership as provided in R.S. 47:214 and by the sum of his distributive share for the taxable year and prior taxable years of:
(a) losses of the partnership, and
(b) expenditures of the partnership not deductible in computing its taxable income and not properly chargeable to capital account.
B. Alternative rule. The collector shall prescribe by regulations the circumstances under which the adjusted basis of a partner's interest in a partnership may be determined by reference to his proportionate share of the adjusted basis of partnership property upon a termination of the partnership.
Amended by Acts 1950, No. 445, §1; Acts 1958, No. 441, §1.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:205
What does Louisiana Civil Code § RS 47:205 cover?
Section RS 47:205 ("Determination of basis of partner's interest") 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 47:205?
A common citation format is "Louisiana Civil Code § RS 47:205" (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 47:205 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.