Welcome


Law should be interactive.

Rabbit Crowd Library is an experiment in enabling people to interact with the law directly without bias.

Give law accountability. Use - , and to comment and respond to text you agree and disagree with.

0
0
0
Rs 47:148 Basis To Corporations

§148. Basis to corporations

A. Property acquired by issuance of stock or as paid-in surplus. If property was acquired on or after January 1, 1956, by a corporation,

(1) in connection with a transaction to which R.S. 47:133 E (relating to transfer of property to corporation controlled by transferor) applies, or

(2) is paid-in surplus or as a contribution to capital, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain recognized to the transferor on such transfer.

B. Transfers to corporations. If property was acquired by a corporation in connection with a reorganization to which this Chapter applies, then the basis shall be the same as it would be in the hands of the transferor, increased in the amount of gain recognized to the transferor on such transfer. This Subsection shall not apply if the property acquired consists of stock or securities in a corporation a party to the reorganization, unless acquired by the issuance of stock or securities of the transferee as the consideration in whole or in part for the transfer.

C. Special rule for certain contributions to capital.

(1) Property other than money. Notwithstanding Subsection A(2) of this Section, if property other than money,

(a) is acquired by a corporation, on or after January 1, 1956, as a contribution to capital, and

(b) is not contributed by a shareholder as such, then the basis of such property shall be zero.

(2) Money. Notwithstanding Subsection A(2) of this Section, if money,

(a) is received by a corporation, on or after January 1, 1956, as a contribution to capital, and

(b) is not contributed by a shareholder as such, then the basis of any property acquired with such money during the 12-month period beginning on the day the contribution is received shall be reduced by the amount of such contribution. The excess (if any) of the amount of such contribution over the amount of the reduction under the preceding sentence shall be applied to the reduction (as of the last day of the period specified in the preceding sentence) of the basis of any other property held by the taxpayer. The particular properties to which the reductions required by this paragraph shall be allocated shall be determined under regulations prescribed by the collector.

Amended by Acts 1958, No. 443, §7.

Share this law:
Facebook Twitter LinkedIn Pinterest Reddit
Local Government
Louisiana
3
8
0
John Bel Edwards
John Bel Edwards
January 11, 2016 -
Democratic
1-225-342-4404
900 North 3rd Street, Baton Rouge, LA, 70802

Keywords
acquired
corporation
contribution
transfer
stock
securities
reorganization
transferor
basis
reduction