§ 1.722-1 Basis of contributing partner's interest.
Amended 1976, 1984
- 1984 Pub. L. 98-369 Pub. L. 98–369 inserted “under section 721(b)” after “gain recognized”.
- 1976 Pub. L. 94-455 Pub. L. 94–455 inserted “increased by the amount (if any) of gain recognized to the contributing partner at such time” after “at the time of the contribution”.
Cases: Kornman & Associates, Inc. v. United States, 527 F.3d 443 (5th Cir. 2008)
Final rules 1
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.