reglab/housing_qa huggingface dataset:
LA Rev Stat § 47:208 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§208. Continuation of partnership

RS 208 - Continuation of partnership  A. General rule. For purposes of this Chapter, an existing partnership shall be considered as continuing if it is not terminated.  B. Termination.  (1) General rule. For purposes of Subsection A of this Section, a partnership shall be considered as terminated only if:  (a) no part of any business, financial operation, or venture of the partnership continues to be carried on by any of its partners in a partnership, or  (b) within a 12-month period there is a sale or exchange of 50 per cent or more of the total interest in partnership capital and profits.  (2) Special rules.  (a) Merger or consolidations. In the case of the merger or consolidation of two or more partnerships the resulting partnership shall, for purposes of this Section, be considered the continuation of any merging or consolidating partnership whose members own an interest of more than 50 per cent in the capital and profits of the resulting partnership.  (b) Division of a partnership. In the case of a division of a partnership into two or more partnerships, the resulting partnerships (other than any resulting partnership the members of which had an interest of 50 per cent or less in the capital and profits of the prior partnership) shall, for purposes of this Section, be considered a continuation of the prior partnership.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:209 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§209. Nonrecognition of gain or loss on contribution

RS 209 - Nonrecognition of gain or loss on contribution  No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:210 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§210. Basis of contributing partner's interest

RS 210 - Basis of contributing partner's interest  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.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:211 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§211. Basis of property contributed to partnership

RS 211 - Basis of property contributed to partnership  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.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:212 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§212. Extent of recognition of gain or loss on distribution

RS 212 - Extent of recognition of gain or loss on distribution  A. Partners. In the case of a distribution by a partnership to a partner,  (1) gain shall not be recognized to such partner, except to the extent that any money distributed exceeds the adjusted basis of such partner's interest in the partnership immediately before the distribution, and  (2) loss shall not be recognized to such partner, except that upon a distribution in liquidation of a partner's interest in a partnership where no property other than that described in Subsection A(2)(a) or A(2)(b) of this Section is distributed to such partner, loss shall be recognized to the extent of the excess of the adjusted basis of such partner's interest in the partnership over the sum of:  (a) any money distributed, and  (b) the basis in the hands of the distributee, as determined under R.S. 47:213, of any unrealized receivables (as defined in R.S. 47:213 E) and inventory (as defined in R.S. 47:213 F).  Any loss or gain recognized under the Subsection shall be considered a gain or loss from the sale or exchange of the partnership interest of the distributee partner.  B. Partnerships. No gain or loss shall be recognized to a partnership on a distribution to a partner of property, including money.  C. Exceptions. This Section shall not apply to the extent otherwise provided by R.S. 47:216 (relating to payments to a retiring partner or a deceased partner's successor in interest).  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:214 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§214. Basis of distributee partner's interest

RS 214 - Basis of distributee partner's interest  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 R.S. 47:213.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:215 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§215. Optional adjustment to basis of undistributed partnership property

RS 215 - Optional adjustment to basis of undistributed partnership property  A. General rule. The basis of partnership property shall not be adjusted as the result of a distribution of property to a partner unless the election, provided in R.S. 47:220.1 (relating to optional adjustment to basis of partnership property), is in effect with respect to such partnership.  B. Method of adjustment. In the case of a distribution of property to a partner, a partnership, with respect to which the election provided in R.S. 47:220.1 is in effect, shall:  (1) Increase the adjusted basis of partnership property by:  (a) the amount of any gain recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(1), and  (b) in the case of distributed property to which R.S. 47:213 A(2) or B applies, the excess of the adjusted basis of the distributed property to the partnership immediately before the distribution as adjusted by R.S. 47:213 D over the basis of the distributed property to the distributee, as determined under R.S. 47:213, or  (2) Decrease the adjusted basis of partnership property by:  (a) the amount of any loss recognized to the distributee partner with respect to such distribution under R.S. 47:212 A(2), and  (b) in the case of distributed property to which R.S. 47:213 B applied, the excess of the basis of the distributed property to the distributee, as determined under R.S. 47:213, over the adjusted basis of the distributed property to the partnership immediately before such distribution (as adjusted in accordance with R.S. 47:213 D).  C. Allocation of basis. The allocation of basis among partnership properties where Subsection B is applicable shall be made in accordance with the rules provided in R.S. 47:220.2.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:216 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§216. Payments to a retiring partner or a deceased partner's successor in interest

RS 216 - Payments to a retiring partner or a deceased partner's successor in interest  A. Payments considered as distributive share or guaranteed payment. Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as provided in Subsection B of this Section, be considered:  (1) as a distributive share to the recipient of partnership income if the amount thereof is determined with regard to the income of the partnership, or  (2) as a guaranteed payment described in R.S. 47:207 C if the amount thereof is determined without regard to the income of the partnership.  B. Payments for interest in partnership.  (1) General rule. Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, to the extent such payments (other than payments described in Subsection B(2) of this Section) are determined, under the regulations prescribed by the collector, to be made in exchange for the interest of such partner in partnership property, be considered as a distribution by the partnership and not as a distributive share or guaranteed payment under Subsection A of this Section.  (2) Special rules. For purposes of this Subsection, payments in exchange for an interest in partnership property shall not include amounts paid for good will of the partnership, except to the extent that the partnership agreement provides for a payment with respect to good will.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:217 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§217. Recognition and character of gain or loss on sale or exchange

RS 217 - Recognition and character of gain or loss on sale or exchange  In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. Such gain or loss shall be considered as gain or loss from the sale or exchange of a capital asset. Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:218 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§218. Basis of transferee partner's interest

RS 218 - Basis of transferee partner's interest  The basis of an interest in a partnership acquired other than by contribution shall be determined under R.S. 47:139.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:219 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§219. Optional adjustment to basis of partnership property

RS 219 - Optional adjustment to basis of partnership property  A. General rule. The basis of partnership property shall not be adjusted as the result of a transfer of an interest in a partnership by sale or exchange or on the death of a partner unless the election provided by R.S. 47:220.1 (relating to optional adjustment to basis of partnership property) is in effect with respect to such partnership.  B. Adjustment to basis of partnership property. In the case of a transfer of an interest in a partnership by sale or exchange or upon the death of a partner, a partnership with respect to which the election provided in R.S. 47:220.1 is in effect shall:  (1) increase the adjusted basis of the partnership property by the excess of the basis to the transferee partner of his interest in the partnership over his proportionate share of the adjusted basis of the partnership property, or  (2) decrease the adjusted basis of the partnership property by the excess of the transferee partner's proportionate share of the adjusted basis of the partnership property over the basis of his interest in the partnership. Under regulations prescribed by the collector, such increase or decrease shall constitute an adjustment to the basis of partnership property with respect to the transferee partner only. A partner's proportionate share of the adjusted basis of partnership property shall be determined in accordance with his interest in partnership capital and, in the case of an agreement described in R.S. 47:204 C(2) (relating to effect of partnership agreement on contributed property), such share shall be determined by taking such agreement into account. In the case of an adjustment under this subsection to the basis of partnership property subject to depletion, any depletion allowable shall be determined separately for the transferee partner with respect to his interest in such property.  C. Allocation of basis. The allocation of basis among partnership properties where Subsection B of this Section is applicable shall be made in accordance with the rules provided in R.S. 47:220.2.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:220 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§220. Treatment of certain liabilities

RS 220 - Treatment of certain liabilities  A. Increase in partner's liabilities. Any increase in a partner's share of the liabilities of a partnership, or any increase in a partner's individual liabilities by reason of the assumption by such partner of partnership liabilities, shall be considered as a contribution of money by such partner to the partnership.  B. Decrease in partner's liabilities. Any decrease in a partner's share of the liabilities of a partnership, or any decrease in a partner's individual liabilities by reason of the assumption by the partnership of such individual liabilities, shall be considered as a distribution of money to the partner by the partnership.  C. Liability to which property is subject. For purposes of this Section, liability to which property is subject shall, to the extent of the fair market value of such property, be considered as a liability of the owner of the property.  D. Sale or exchange of an interest. In the case of a sale or exchange of an interest in a partnership, liabilities shall be treated in the same manner as liabilities in connection with the sale or exchange of property not associated with partnerships.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:220.1 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§220.1. Manner of electing optional adjustment to basis of partnership property

RS 220.1 - Manner of electing optional adjustment to basis of partnership property  If a partnership files an election, in accordance with regulations prescribed by the collector, the basis of partnership property shall be adjusted, in the case of a distribution of property, in the manner provided in R.S. 47:215 and, in the case of a transfer of a partnership interest, in the manner provided in R.S. 47:219. Such an election shall apply with respect to all distributions of property by the partnership and to all transfers of interest in the partnership during the taxable year with respect to which such election was filed and all subsequent taxable years. Such election may be revoked by the partnership, subject to such limitations as may be provided by regulations prescribed by the collector.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:220.2 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§220.2. Rules for allocation of basis

RS 220.2 - Rules for allocation of basis  A. General rule. Any increase or decrease in the adjusted basis of partnership property under R.S. 47:215 B (relating to the optional adjustment to the basis of undistributed partnership property) or R.S. 47:219 B (relating to the optional adjustment to the basis of partnership property in the case of a transfer of an interest in a partnership) shall, except as provided in Subsection B, be allocated:  (1) in a manner which has the effect of reducing the difference between the fair market value and the adjusted basis of partnership properties, or  (2) in any other manner permitted by regulations prescribed by the collector. B. Special rule. In applying the allocation rules provided in Subsection A of this Section, increases or decreases in the adjusted basis of partnership property arising from a distribution of, or a transfer of an interest attributable to, property consisting of:  (1) capital assets, or  (2) any other property of the partnership, shall be allocated to partnership property of a like character except that the basis of any such partnership property shall not be reduced below zero. If, in the case of a distribution, the adjustment to basis of property described in Subsection B(1) or B(2) of this Section is prevented by the absence of such property or by insufficient adjusted basis for such property, such adjustment shall be applied to subsequently acquired property of a like character in accordance with regulations prescribed by the collector. Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:220.3 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§220.3. Terms defined

RS 220.3 - Terms defined  A. Partnership. For purposes of this Chapter, the term "partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this Chapter, a corporation or a trust or estate. Under regulations the collector may, at the election of all members of an unincorporated organization, exclude such organization from the application of all or part of this subchapter, if it is availed of,  (1) for investment purposes only and not for the active conduct of a business, or,  (2) for the joint production, extraction, or use of property, but not for the purpose of selling services or property produced or extracted, if the income of the members of the organization may be adequately determined without the computation of partnership taxable income.  B. Partner. For purposes of this Chapter, the term "partner" means a member of a partnership.  C. Partnership agreement. For purposes of this Sub-part, a partnership agreement includes any modifications of the partnership agreement made prior to, or at the time prescribed by law for the filing of the partnership return for the taxable year (not including extensions) which are agreed to by all the partners, or which are adopted in such other manner as may be provided by the partnership agreement.  D. Liquidation of partner's interest. For the purpose of this Sub-part, the term "liquidation of a partner's interest" means the termination of a partner's entire interest in a partnership by means of a distribution, or a series of distributions, to the partner by the partnership.  Added by Acts 1958, No. 441, §2.
LA Rev Stat § 47:221 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§221. Tax on life insurance companies

RS 221 - Tax on life insurance companies  A. Definition. When used in this Chapter, the term "Life Insurance Company" means an insurance company engaged in the business of issuing life insurance and annuity contracts (including contracts of combined life, health, and accident insurance), the reserve funds of which held for the fulfillment of such contracts comprise more than fifty per centum (50%) of its total reserve funds.  B. Computation of tax. The tax shall be computed upon the net income of a life insurance company from sources within the State of Louisiana, which shall be the same proportion of its net income for the taxable year from sources within and without the State of Louisiana, which the reserve funds, required by law and held by it at the end of the taxable year upon business transacted within the State of Louisiana, is of the reserve funds held by it at the end of the taxable year upon all business transacted. Amended by Acts 1968, No. 106, §6.
LA Rev Stat § 47:222 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§222. Gross income of life insurance companies

RS 222 - Gross income of life insurance companies  In the case of a life insurance company, the term "gross income" means the gross amount of income received during the taxable year from interest, dividends, and rents.  The term "reserve funds required by law" includes, in the case of assessment insurance, sums actually deposited by any company or association with state or territorial officers pursuant to law as guaranty or reserve funds, and any funds maintained under the charter or articles of incorporation of the company or association exclusively for the payment of claims arising under certificates of membership or policies issued upon the assessment plan and not subject to any other use.
LA Rev Stat § 47:225 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§225. Computation of gross income

RS 225 - Computation of gross income  The gross income of insurance companies subject to the tax imposed by R.S. 47:221 or 47:224 shall not be determined in the manner provided in R.S. 47:161.
LA Rev Stat § 47:226 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§226. Mutual insurance companies other than life

RS 226 - Mutual insurance companies other than life  A. Basis of tax. Mutual insurance companies, other than life insurance companies, shall be taxable in the same manner as other corporations, except as hereinafter provided in this Section.  B. Gross income. Mutual marine insurance companies shall include in gross income the gross premiums collected and received by them less amounts paid for reinsurance.  C. Deductions. In addition to the deductions allowed to corporations by R.S. 47:54 through 47:72, the following deductions to insurance companies shall also be allowed, unless otherwise allowed:  (1) In the case of mutual insurance companies other than life insurance companies:  (a) the net additions required by law to be made within the taxable year to reserve funds (including in the case of assessment insurance companies the actual deposit of sums with state or territorial officers pursuant to law as additions to guarantee or reserve funds); and  (b) the sums other than dividends paid within the taxable year on policy and annuity contracts;  (2) In the case of mutual marine insurance companies in addition to the deductions allowed in paragraph (1) of this Sub-section, unless otherwise allowed, amounts repaid to policyholders on account of premiums previously paid by them, and interest paid upon such amounts between the ascertainment and the payment thereof;  (3) In the case of mutual insurance companies (including interinsurers and reciprocal underwriters, but not including mutual life or mutual marine insurance companies) requiring their members to make premium deposits to provide for losses and expenses, the amount of premium deposits returned to their policyholders and the amount of premium deposits retained for the payment of losses, expenses, and reinsurance reserves.
LA Rev Stat § 47:227 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§227. Offset against tax

RS 227 - Offset against tax  Every insurance company shall be entitled to an offset against any tax incurred under this Chapter, in the amount of any taxes, based on premiums, paid by it during the preceding twelve months, by virtue of any law of this state.  Acts 2015, No. 125, §2 eff. July 1, 2015; Acts 2016, 1st Ex. Sess., No. 29, §§1, 2, eff. June 17, 2016; Acts 2017, No. 400, §§1, 2, 4, eff. June 26, 2017; Acts 2017, No. 403, §§2, 3, eff. June 26, 2017.
LA Rev Stat § 47:241 (2021)
2021 Louisiana Laws|Revised Statutes|Title 47 - Revenue and Taxation|§241. Net income subject to tax

 RS 241 - Net income subject to tax  The net income of a nonresident individual or a corporation subject to the tax imposed by this Chapter shall be the sum of the net allocable income earned within or derived from sources within this state, as defined in R.S. 47:243, and the net apportionable income derived from sources in this state, as defined in R.S. 47:244.  Amended by Acts 1950, No. 445, §1; Acts 1968, No. 106, §8; Acts 1970, No. 258, §6; Acts 1973, Ex.Sess., No. 8, §1; Acts 2016, 1st Ex. Sess., No. 30, §1; Acts 2021, No. 395, §1, see Act; Acts 2021, No. 396, §1, eff. Jan. 1, 2022.