The basis of property contributed to a partnership by a partner shall be 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.
Aug. 16, 1954, ch. 736 68A Stat. 245 Pub. L. 94–455, title XXI, § 2131(c)90 Stat. 1924 Pub. L. 98–369, div. A, title VII, § 722(f)(1)98 Stat. 974 (, ; , , ; , , .)
Editorial Notes
Amendments
Pub. L. 98–3691984— inserted “under section 721(b)” after “gain recognized”.
Pub. L. 94–4551976— inserted “increased by the amount (if any) of gain recognized to the contributing partner at such time” after “at the time of the contribution”.
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Pub. L. 98–369Pub. L. 94–455section 722(f)(2) of Pub. L. 98–369section 722 of this titleAmendment by effective as if included in amendments made by section 2131 of the Tax Reform Act of 1976, , see , set out as a note under .
Effective Date of 1976 Amendment
Pub. L. 94–455Pub. L. 94–455section 721 of this titleFor effective date of amendment made by , see section 2131(f)(3)–(5) of , set out as a note under .