26 U.S.C. § 722
§ 722. Basis of contributing partner’s interest
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed July 18, 1984 by the Deficit Reduction Act of 1984.
Every change, newest first (3)
- July 18, 1984Deficit Reduction Act of 1984
- October 4, 1976Tax Reform Act of 1976
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of such money and 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.