§ 1.723-1 Basis of property contributed to partnership.
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: McDougal v. Commissioner, 62 T.C. 720 (1974)
Final rules 1
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.