Oregon Statutes - Chapter 314 - Taxes Imposed Upon or Measured by Net Income - Section 314.716 - Basis of partner’s interest; gain or loss on sale; election to adjust basis.

(1) The adjusted basis of a partner’s interest in a partnership shall be determined pursuant to the method described in sections 704(c)(1)(B)(iii), 705 and 733 of the Internal Revenue Code, and shall be increased or decreased as provided in this chapter and ORS chapter 316, 317 or 318, whichever is applicable.

(2) Upon the sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner pursuant to section 741 of the Internal Revenue Code.

(3) If a partnership elects to adjust the basis of its assets under section 754 of the Internal Revenue Code, then upon a transfer of an interest in the partnership by sale or exchange or upon a death of a partner, that election shall also be effective for Oregon income tax purposes. [1989 c.625 §36; 1991 c.457 §19]

Section:  Previous  314.688  314.690  314.695  314.705  314.710  314.712  314.714  314.716  314.718  314.720  314.722  314.723  314.724  314.726  314.727  Next

Last modified: August 7, 2008