26 U.S.C. § 733
§ 733. Basis of distributee 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. Unchanged since the 1954 code.
Every change, newest first (1)
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
In the case of a distribution by a partnership to a partner other than in liquidation of a partner’s interest, the adjusted basis to such partner of his interest in the partnership shall be reduced (but not below zero) by—
(1)
the amount of any money distributed to such partner, and
(2)
the amount of the basis to such partner of distributed property other than money, as determined under section 732.