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2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:160. Loss from wash sales of stock or securities

RS 47:160 - Loss from wash sales of stock or securities
A. In the case of any loss claimed to have been sustained from any sale or other disposition of shares of stock or securities where it appears that, within a period beginning thirty days before the date of such sale or disposition and ending thirty days after such date, the taxpayer has acquired (by purchase or by an exchange upon which the entire amount of gain or loss was recognized by law), or has entered into a contract or option so to acquire, substantially identical stock or securities, then no deduction for the loss shall be allowed under R.S. 47:60(2); nor shall such deduction be allowed under R.S. 47:61, unless the claim is made by a corporation, a dealer in stocks or securities, and with respect to transactions made in the ordinary course of its business.
B. If the amount of stock or securities acquired (or covered by the contract or option to acquire) is less than the amount of stock or securities sold or otherwise disposed of, then the particular shares of stock or securities the loss from the sale or other disposition of which is not deductible shall be determined under rules and regulations prescribed by the collector.
C. If the amount of stock or securities acquired (or covered by the contract or option to acquire) is not less than the amount of stock or securities sold or otherwise disposed of, then the particular shares of stock or securities the acquisition of which (or the contract or option to acquire which) resulted in the nondeductibility of the loss, shall be determined under the rules and regulations prescribed by the collector.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:161. Income from sources partly within and partly without the State of Louisiana

RS 47:161 - Income from sources partly within and partly without the State of Louisiana
A. Resident individuals. In the case of a resident individual, items of gross income, expenses, losses, and deductions, from whatever source received or incurred, not otherwise exempted by this Chapter, shall be included in the taxpayer's return and the amount of the tax shall be computed upon the entire income from whatever source derived; provided, that in the case of a taxpayer who, while a resident of another state, sells non-Louisiana property for a payment to be made over a period of years, the portion of such payment received after the taxpayer becomes a resident of this state shall not be included in taxable income.
B. Nonresident individuals, and corporations. In the case of a nonresident individual, or a corporation, items of gross income, expenses, losses and deductions, from whatever source received or incurred, not otherwise exempted by this chapter, shall be included in the taxpayer's return; but, for the purpose of this Chapter, the amount of tax shall be computed only upon the net income earned or derived from sources within the state, such net income to be computed as provided in Sub-part F of Part II of this Chapter.
C. Railroads incorporated in more than one state. Any railroad corporation incorporated under and by virtue of the laws of more than one state shall be taxed under this Chapter in the same manner as a foreign corporation.
Amended by Acts 1960, No. 435, §1; Acts 1968, No. 106, §5.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:162. Fiduciary returns

RS 47:162 - Fiduciary returns
A. Every fiduciary (except a receiver appointed by authority of law in possession of part only of the property of an individual) shall make a return for any of the following individuals, estates, or trusts for which he acts, stating specifically the items of gross income thereof and the deductions and credits allowed under this Chapter.
(1) Every individual having a net income for the taxable year of two thousand, five hundred dollars ($2,500.00) or over.
(2) Every individual having a gross income for the taxable year of six thousand dollars ($6,000.00) or over, regardless of the amount of his net income;
(3) Every estate or trust the net income of which for the taxable year is two thousand, five hundred dollars ($2,500.00) or over;
(4) Every estate or trust the gross income of which for the taxable year is six thousand dollars ($6,000.00) or over, regardless of the amount of the net income; and
(5) Every estate or trust of which any beneficiary is a nonresident of the state.
B. Under such regulations as the collector may prescribe a return made by one of two or more fiduciaries may be filed with the collector at Baton Rouge, Louisiana, and shall be sufficient compliance with the above requirement. Such fiduciary shall declare that he has sufficient knowledge of the affairs of the individual, estate, or trust for which the return is made, to enable him to make the return, and that the return is to the best of his knowledge and belief, true and correct.
C. Any fiduciary required to make a return under this Chapter shall be subject to all the provisions of law which apply to individuals.
Amended by Acts 1952, No. 120, §1; Acts 1958, No. 442, §2.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:163. Closing by collector of taxable year

RS 47:163 - Closing by collector of taxable year
A. Tax in jeopardy. If the collector finds that a taxpayer designs quickly to depart from the State of Louisiana, or to remove his property therefrom, or to conceal himself or his property therein, or to do any other act tending to prejudice or to render wholly or partly ineffectual proceedings to collect the tax for the taxable year then last past or the taxable year then current unless such proceedings be brought without delay, the collector shall declare the taxable period for such taxpayer immediately terminated and shall proceed to assess and collect any tax due in accordance with the provisions of R.S. 47:1566.
B. Security for payment. A taxpayer who is not in default in making a return or paying any tax under this Chapter, may furnish to the State of Louisiana, under regulations to be prescribed by the collector, security approved by the collector that he will duly make the return next thereafter required to be filed and pay the tax next thereafter required to be paid. The collector may approve and accept in like manner security for return and payment of taxes made due and payable by virtue of the provisions of this Section, provided the taxpayer has paid in full all other income taxes.
C. Exemption from section. If security is approved and accepted pursuant to the provisions of this Section and such further or other security with respect to the tax or taxes covered thereby is given as the Collector shall from time to time find necessary and require, payment of such taxes shall not be enforced by any proceedings under the provisions of this Section or R.S. 47:1566 prior to the expiration of the time otherwise allowed for paying such respective taxes.
D. Citizens. In the case of a citizen of the State of Louisiana about to depart from the State of Louisiana, the collector may at his discretion, waive any or all of the requirements placed on the taxpayer by this Section.
E. Departure of nonresident. No nonresident who is liable for any tax under this Chapter shall leave the state for a period of more than ninety days unless he first procures from the collector a certificate that he has complied with all the obligations imposed upon him by this Chapter.
F. Addition to tax. If a taxpayer violates or attempts to violate this Section, there shall, in addition to all other penalties, be added as a part of the tax, twenty-five per centum (25%) of the total amount of the tax or deficiency in the tax, together with interest at the rate of one per centum (1%) per month from the time the tax became due.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:165. Information by corporations

RS 47:165 - Information by corporations
A. Dividend payments. Every corporation subject to the tax imposed by this Chapter shall, when required by the collector, render a correct return, duly verified under oath, of its payments of dividends, stating the name and address of each shareholder, the number of shares owned by him, and the amount of dividends paid him.
B. Profits declared as dividends. Every corporation shall, when required by the collector, furnish him a statement of such facts as will enable him to determine the portion of the earnings or profits of the corporation (including gains, profits, and income not taxed) accumulated during such periods as the collector may specify, which have been distributed or ordered to be distributed, respectively, to its shareholders during such taxable year as the collector may specify.
C. Accumulated gains and profits. When requested by the collector every corporation shall forward to him a correct statement of accumulated gains and profits and the names and addresses of the individuals, or shareholders who would be entitled to the same if divided or distributed, and of the amounts that would be payable to each.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:166. Returns of brokers

RS 47:166 - Returns of brokers
Every person doing business as a broker shall, when required by the collector, send a return under such rules and regulations as the collector may prescribe, showing the names of customers for whom such person has transacted any business, with such details as to the profits, losses, or other information which the collector may require, as to each of such customers, as will enable the collector to determine whether all income tax due on profits or gains of such customers has been paid.
Acts 2001, No. 1032, §15.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:167. Collection of foreign items

RS 47:167 - Collection of foreign items
All persons undertaking as a matter of business or for profit the collection of foreign payments of interest or dividends by means of coupons, checks or bills of exchange, shall obtain a license from the collector and shall be subject to such regulations enabling the state to obtain the information required under this Chapter as the collector shall prescribe; and whoever knowingly undertakes to collect such payments without having obtained a license therefor, or without complying with such regulations, shall be fined not more than one thousand dollars ($1,000.00) or imprisoned for not more than one year or both.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:181. Imposition of tax on estates and trusts

RS 47:181 - Imposition of tax on estates and trusts
A. Application of tax. The taxes imposed by this Chapter upon individuals shall apply to the income of estates or of any kind of property held in trust including:
(1) Income accumulated in trust for the benefit of unborn or unascertained person or persons with contingent interests, and incomes accumulated or held for future distribution under the terms of will or trust;
(2) Income which is to be distributed currently by the fiduciary to the beneficiaries, and income collected by a tutor of a minor which is to be held or distributed as the court may direct;
(3) Income received by estates of deceased persons during the period of administration or settlement of the estate; and
(4) Income which, in the discretion of the fiduciary, may be either distributed to the beneficiaries or accumulated.
B. Computation and payment.
(1) The tax shall be computed upon the net income of the estate or trust, and shall be paid by the fiduciary, except as provided in R.S. 47:186, relating to revocable trusts, and R.S. 47:187 relating to income for benefit of the grantor. For return made by the beneficiary see R.S. 47:162.
(2) The amount of a net operating loss for any tax year beginning on or after January 1, 1992, may be deducted from net income in any of the fifteen years immediately following the year in which the loss occurred.
(3) The amount of a net operating loss for any tax year beginning on or after January 1, 2000, may be deducted from net income in any of the twenty years immediately following the year in which the loss occurred.
C. Exceptions. If a trust is a simple trust as defined under Internal Revenue Code Section 651 or a grantor trust as defined under R.S. 47:187, it shall not have to file a Louisiana income tax return if the following conditions are met:
(1) Such trust does not have any net taxable income for the taxable period.
(2) Such trust does not have any nonresident beneficiaries.
Acts 1985, No. 647, §1; Acts 1992, No. 1083, §1, eff. for all open taxable periods; Acts 2015, No. 103, §1, eff. July 1, 2015.
NOTE: See Acts 2015, No. 103, §2, re: applicability.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:182. Net income of estate or trust

RS 47:182 - Net income of estate or trust
The net income of the estate or trust shall be computed in the same manner and on the same basis as in the case of an individual except that:
(1) There shall be allowed as a deduction in lieu of the deduction for charitable and other contributions authorized by R.S. 47:57, any part of the gross income, without limitation, which, pursuant to the terms of the will or deed creating the trust, is during the taxable year paid or permanently set aside for the purposes and in the manner specified in R.S. 47:57, or is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, or for the establishment, acquisition, maintenance or operation of a public cemetery not operated for profit;
(2) There shall be allowed as an additional deduction in computing the net income of the estate or trust the amount of the income of the estate or trust for its taxable year which is to be distributed currently by the fiduciary to the beneficiaries, and the amount of the income collected by a guardian of an infant which is to be held or distributed as the court may direct, but the amount so allowed as a deduction shall be included in computing the net income of the beneficiaries whether distributed to them or not. Any amount allowed as a deduction under this paragraph shall not be allowed as a deduction under paragraph (3) of this Section in the same or any succeeding taxable year;
(3) In the case of income received by estates of deceased persons during the period of administration or settlement of the estate, and in the case of income which, in the discretion of the fiduciary, may be either distributed to the beneficiary or accumulated, there shall be allowed as an additional deduction in computing the net income of the estate or trust the amount of the income of the estate or trust for its taxable year, which is properly paid or credited during such year to any legatee, heir, or beneficiary, but the amount so allowed as a deduction shall be included in computing the net income of the legatee, heir or beneficiary.
(4) The optional standard deduction provided in R.S. 47:68 shall not be allowed to estates or trusts.
Amended by Acts 1950, No. 445, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:184. Different taxable years

RS 47:184 - Different taxable years
If the taxable year of a beneficiary is different from that of the estate or trust, the amount which he is required under R.S. 47:182B to include in computing his net income, shall be based upon the income of the estate or trust for any taxable year of the estate or trust, whether beginning on, before, or after January 1, 1948, ending within his taxable year.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:185. Employees trusts

RS 47:185 - Employees trusts
A trust created by an employer as a part of a stock bonus, pension, or profit-sharing plan for the exclusive benefit of some or all of his employees, to which contributions are made by the employer, or employees, or both, for the purpose of distributing to the employees the earnings and principal of the fund accumulated by the trust in accordance with such plan, shall not be taxable under R.S. 47:181, but the amount actually distributed or made available to any distributee shall be taxable to him the year in which so distributed or made available to the extent that it exceeds the amounts paid in by him.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:186. Revocable trusts

RS 47:186 - Revocable trusts
Where at any time during the taxable year the power to revest in the grantor title to any part of the corpus of the trust is vested either:
(1) In the grantor, either alone or in conjunction with any person not having a substantial adverse interest in the disposition of such part of the corpus or the income therefrom, or
(2) In any person not having a substantial adverse interest in the disposition of such part of the corpus or the income therefrom, then the income of such part of the trust for such taxable year shall be included in computing the net income of the grantor.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:187. Income for benefit of grantor

RS 47:187 - Income for benefit of grantor
Where any part of the income of a trust:
(1) Is, or in the discretion of the grantor or of any person not having a substantial adverse interest in the disposition of such part of the income, may be held or accumulated for future distribution to the grantor; or
(2) May in the discretion of the grantor or of any person not having a substantial adverse interest in the disposition of such part of the income, be distributed to the grantor; or
(3) Is, or in the discretion of the grantor or of any person not having a substantial adverse interest in the disposition of such part of the income, may be applied to the payment of premiums upon policies of insurance on the life of the grantor (except policies of insurance irrevocably payable for the purposes and in the manner specified in R.S. 47:57, relating to the so-called "charitable contribution" deduction); then such part of the income of the trust shall be included in computing the net income of the grantor.
As used in this Section, the term "in the discretion of the grantor" means "in the discretion of the grantor, either alone or in conjunction with any person not having a substantial adverse interest in the disposition of the part of the income in question."
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:188. Imposition of tax on real estate investment trusts; computation

RS 47:188 - Imposition of tax on real estate investment trusts; computation
The tax imposed by this chapter upon corporations shall be imposed upon real estate investment trusts as defined in R.S. 12:491, and shall be computed only upon that part of the net income of the trust which is subject to federal income tax as provided in sections 857 and 858 of the Federal Internal Revenue Code of 1954, as amended.
Added by Acts 1962, No. 315, §2. Amended by Acts 1972, No. 729, §2.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:201. Partnership informational return of income required; limitations on partner tax liability

RS 47:201 - Partnership informational return of income required; limitations on partner tax liability
A. Except as otherwise provided in R.S. 47:201.2, a partnership shall not be subject to the income tax imposed by this Chapter, but a partnership shall be required to file an annual informational partnership return of income in accordance with R.S. 47:103(A)(2).
B. Persons carrying on business as partners shall be liable for income tax only in their separate or individual capacities.
Amended by Acts 1958, No. 441, §1; Acts 1975, No. 459, §1; Acts 2021, No. 287, §1, eff. June 14, 2021.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:202. Income of partner

RS 47:202 - Income of partner
A. General rule. In determining his income tax, each partner shall take into account separately his distributive share, whether or not distributed, of the partnership's:
(1) gains and losses from sales or exchanges of capital assets,
(2) charitable contributions (as defined in R.S. 47:57),
(3) other items of income, gain, loss, deduction, or credit, to the extent provided by regulations prescribed by the collector, and
(4) taxable income or loss, exclusive of items requiring separate computation under other provisions of this Subsection.
B. Character of items constituting distributive share. The character of any item of income, gain, loss, deduction, or credit included in a partner's distributive share under Subsection A(1) through A(3) of this Section shall be determined as if such item were realized directly from the source from which realized by the partnership, or incurred in the same manner as incurred by the partnership.
C. Gross income of a partner. In any case where it is necessary to determine the gross income of a partner for purposes of this Chapter, such amount shall include his distributive share of the gross income of the partnership, whether or not such share has been actually distributed.
Amended by Acts 1958, No. 441, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:203. Partnership computations

RS 47:203 - Partnership computations
A. Income and deductions. The taxable income of a partnership shall be computed in the same manner as in the case of an individual except that:
(1) the items described in R.S. 47:202 A shall be separately stated, and
(2) the following deductions shall not be allowed to the partnership:
(a) the standard deduction provided in R.S. 47:68,
(b) the deduction for charitable contributions provided in R.S. 47:57,
(c) deductions allowed individuals if they itemize which would not be allowable if they claim the optional standard deduction.
B. Elections of the partnership. Any election affecting the computation of taxable income derived from a partnership shall be made by the partnership.
C.(1) In computing the taxable income of a partnership, the partnership shall exclude net income or losses received from an entity of which the partnership is a shareholder, partner, or member if the entity properly filed a Louisiana corporation income tax return pursuant to R.S. 47:287.732.2 which included the net income or loss. However, no such exclusion shall be allowed for any amount attributable to income that, for any reason, will not bear the tax due pursuant to R.S. 47:287.732.2.
(2)(a) A partnership whose federal income tax return is adjusted due to S corporation or partnership income or losses for which the partnership used the exclusion provided in Paragraph (1) of this Subsection shall furnish a statement to the secretary disclosing the nature and amounts of such adjustments within sixty days after the federal adjustments have been made and accepted by the partnership. However, if the partnership does not receive a statement of the federal adjustments until after it accepts the adjustments, it shall have sixty days from the receipt of such statement within which to furnish the required statement to the secretary.
(b) For purposes of Subparagraph (a) of this Paragraph, paying the federal tax shown due or signing a consent to immediate assessment shall constitute an acceptance of the federal adjustments.
Amended by Acts 1958, No. 441, §1; Acts 2023, No. 450, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:205. Determination of basis of partner's interest

RS 47:205 - Determination of basis of partner's interest
A. General rule. The adjusted basis of a partner's interest in a partnership shall, except as provided in Subsection B of this Section, be the basis of such interest determined under R.S. 47:210 (relating to contributions to a partnership) or R.S. 47:216 (relating to transfers of partnership interests).
(1) increased by the sum of his distributive share for the taxable year and prior taxable years of:
(a) taxable income of the partnership as determined under R.S. 47:203A,
(b) income of the partnership exempt from tax under this Chapter, and
(c) the excess of the deductions for depletion over the basis of the property subject to depletion; and
(2) decreased (but not below zero) by distributions by the partnership as provided in R.S. 47:214 and by the sum of his distributive share for the taxable year and prior taxable years of:
(a) losses of the partnership, and
(b) expenditures of the partnership not deductible in computing its taxable income and not properly chargeable to capital account.
B. Alternative rule. The collector shall prescribe by regulations the circumstances under which the adjusted basis of a partner's interest in a partnership may be determined by reference to his proportionate share of the adjusted basis of partnership property upon a termination of the partnership.
Amended by Acts 1950, No. 445, §1; Acts 1958, No. 441, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:206. Taxable years of partner and partnership

RS 47:206 - Taxable years of partner and partnership
A. Year in which partnership income is includible. In computing the taxable income of a partner for a taxable year, the inclusions required by R.S. 47:202 and R.S. 47:207C with respect to a partnership shall be based on the income, gain, loss, or deduction of the partnership for any taxable year of the partnership ending within or with the taxable year of the partner.
B. Adoption of taxable year.
(1) Partnership's taxable year. The taxable year of a partnership shall be determined as though the partnership were a taxpayer. A partnership may not change to, or adopt, a taxable year other than that of all its principal partners unless it establishes, to the satisfaction of the collector, a business purpose therefor.
(2) Partner's taxable year. A partner may not change to a taxable year other than that of a partnership of which he is a principal partner unless he establishes, to the satisfaction of the collector, a business purpose therefor.
(3) Principal partner. For the purpose of this Subsection, a principal partner is a partner having an interest of 5 per cent or more in partnership profits or capital.
C. Closing of partnership year.
(1) General rule. Except in the case of a termination of a partnership and except as provided in Subsection C(2) of this Section the taxable year of a partnership shall not close as the result of the death of a partner, the entry of a new partner, the liquidation of a partner's interest in the partnership, or the sale or exchange of a partner's interest in the partnership.
(2) Partner who retires or sells interest in partnership.
(a) Disposition of entire interest. The taxable year of a partnership shall close only:
(i) with respect to a partner who sells or exchanges his entire interest in a partnership, and
(ii) with respect to a partner whose interest is liquidated, except that the taxable year of a partnership with respect to a partner who dies shall not close prior to the end of the partnership's taxable year.
Such partner's distributive share of items described in R.S. 47:202 A for such year shall be determined, under regulations prescribed by the collector, for the period ending with such sale, exchange, or liquidation.
(b) Disposition of less than entire interest. The taxable year of a partnership shall not close (other than at the end of a partnership's taxable year as determined under Subsection B(1) of this Section with respect to a partner who sells or exchanges less than his entire interest in the partnership or with respect to a partner whose interest is reduced, but such partner's distributive share of items described in R.S. 47:202 A shall be determined by taking into account his varying interest in the partnership during the taxable year.
Amended by Acts 1958, No. 441, §1.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:207. Transactions between partner and partnership

RS 47:207 - Transactions between partner and partnership
A. Partner not acting in capacity as partner. If a partner engages in a transaction with a partnership other than in his capacity as member of such partnership, the transaction shall, except as otherwise provided in this Section, be considered as occurring between the partnership and one who is not a partner.
B. Certain sales or exchanges of property with respect to controlled partnerships.
(1) Losses disallowed. No deduction shall be allowed in respect of losses from sales or exchanges of property (other than an interest in the partnership), directly or indirectly, between:
(a) a partnership and a partner owning, directly or indirectly, more than 50 per cent of the capital interest, or the profits interest, in such partnership, or
(b) two partnerships in which the same persons own, directly, or indirectly, more than 50 per cent of the capital interests or profits interests.
C. Guaranteed payments. To the extent determined without regard to the income of the partnership, payments to a partner for services or the use of capital shall be considered as made to one who is not a member of the partnership, but only for the purposes of R.S. 47:42 (relating to gross income) and R.S. 47:62 (relating to trade or business expenses).
Added by Acts 1958, No. 441, §2.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:208. Continuation of partnership

RS 47:208 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:209. Nonrecognition of gain or loss on contribution

RS 47:209 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:210. Basis of contributing partner's interest

RS 47:210 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:212. Extent of recognition of gain or loss on distribution

RS 47:212 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:214. Basis of distributee partner's interest

RS 47:214 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:215. Optional adjustment to basis of undistributed partnership property

RS 47:215 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:216. Payments to a retiring partner or a deceased partner's successor in interest

RS 47:216 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:217. Recognition and character of gain or loss on sale or exchange

RS 47:217 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:219. Optional adjustment to basis of partnership property

RS 47:219 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:220. Treatment of certain liabilities

RS 47:220 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:220.1. Manner of electing optional adjustment to basis of partnership property

RS 47:220.1 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:220.2. Rules for allocation of basis

RS 47:220.2 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:220.3. Terms defined

RS 47:220.3 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:221. Tax on life insurance companies

RS 47:221 - 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.
2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:222. Gross income of life insurance companies

RS 47:222 - 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.