26 U.S.C. § 733

Basis of distributee partner’s interest

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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 section 732.(Aug. 16, 1954, ch. 736, 68A Stat. 247.)

Notes of Decisions

Cited in 4 cases, 1971–2011 · leading case: Stephen Babin Betty Boehm Babin v. Commissioner of Internal Revenue

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Stephen Babin Betty Boehm Babin v. Commissioner of Internal Revenue (1994) ca6 · cites it 2× “Pursuant to 26 U.S.C. § 733 and 26 U.S.C. § 705 (a)(2), this deemed distribution reduces the partner’s adjusted basis from $3,897,390 to $19,876.”

Clearmeadow Investments, LLC v. United States (2009) uscfc “Completing this statutory scheme, section 733(1) of the Code requires that the partnership’s basis in the partnership interest be reduced (but not below zero) by “the amount of any money distributed to such partner.”

Candyce Martin 1999 Irrevocable Trust v. United States (2011) cand “26 U.S.C. §§ 733 (1), 752(b). As demonstrated at trial, the Martin Family Trusts entered into a series of option contracts which included purchasing long options and selling short options.”

Vincent Stackhouse and Wife, Erma Lee Stackhouse v. United States of America, Robert v. Williams and Wife, Rachel Willia (1971) ca5 · cites it 2× “26 U.S.C. § 733 . *468 The taxpayers contend that these sections of the Code are applicable to the facts of this case.”

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