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]
Notes of Decisions
Cook v. Dept. of Rev., 23 Or. Tax 107 (Or. T.C. 2018).
· cites it 6× “The provisions of Oregon law of importance for this analysis are ORS 314.716 and ORS 314.720.38 ORS 314.716 provides: “(1) The adjusted basis of a partner’s interest in a partnership shall be determined pursuant to the method 38 The court addresses these particular provisions as…”
Wiley v. Dept. of Rev. (Or. T.C. 2017).
· cites it 2× “IRC § 705(a); see also ORS 314.716. “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…”
— Or. Rev. Stat. § 314.716(2) — 1 case
Wiley v. Dept. of Rev. (Or. T.C. 2017).
“IRC § 705(a); see also ORS 314.716. “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…”
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