Louisiana § RS 47:215 - Optional adjustment to basis of undistributed partnership property
Full text of Louisiana Louisiana Civil Code § RS 47:215 — Optional adjustment to basis of undistributed partnership property, with citation guidance and answers to common questions.
§ RS 47:215. Optional adjustment to basis of undistributed partnership property
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.
B. 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:
(1) Increase the adjusted basis of partnership property by:
(a) the amount of any gain recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(1), and
(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
(2) Decrease the adjusted basis of partnership property by:
(a) the amount of any loss recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(2), and
(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).
C. 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.
Added by Acts 1958, No. 441, §2.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:215
What does Louisiana Civil Code § RS 47:215 cover?
Section RS 47:215 ("Optional adjustment to basis of undistributed partnership property") 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 47:215?
A common citation format is "Louisiana Civil Code § RS 47:215" (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 47:215 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.