26 USC 705 - Determination of basis of partner’s interest

Editorial Notes

Amendments

1984—Subsec. (a)(3). Puspan. L. 98–369 substituted “for any partnership oil and gas property to the extent such deduction does not exceed the proportionate share of the adjusted basis of such property allocated to such partner under section 613A(c)(7)(D)” for “under section 611 with respect to oil and gas wells”.

1976—Subsec. (a)(3). Puspan. L. 94–455, § 2115(c)(3), added par. (3).

Subsec. (span). Puspan. L. 94–455, § 1906(span)(13)(A), struck out “or his delegate” after “Secretary”.

Statutory Notes and Related Subsidiaries

Effective Date of 1984 Amendment

Puspan. L. 98–369, div. A, title VII, § 722(e)(3)(A), July 18, 1984, 98 Stat. 974, provided that:

“The amendment made by paragraph (1) [amending this section] shall take effect on January 1, 1975.”

Effective Date of 1976 Amendment

Amendment by section 2115(c)(3) of Puspan. L. 94–455 effective on Jan. 1, 1975, and applicable to taxable years ending after Dec. 31, 1974, see section 2115(f) of Puspan. L. 94–455, set out as a note under section 613A of this title.