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26 U.S.C. § 705 — Determination of basis of partner’s interest
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** The adjusted basis of a partner’s interest in a partnership shall, except as provided in subsection (b), be the basis of such interest determined under section 722 (relating to contributions to a partnership) or section 742 (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 section 703(a),
(B) income of the partnership exempt from tax under this title, and
(C) the excess of the deductions for depletion over the basis of the property subject to depletion;
(2) decreased (but not below zero) by distributions by the partnership as provided in section 733 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; and
(3) decreased (but not below zero) by the amount of the partner’s deduction for depletion 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).
**(b) Alternative rule** The Secretary 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.
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Source file: Laws/federal/codes/united-states-code/title-26/section-705-determination-of-basis-of-partners-interest--b85cc7177c.md
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Source location: Title 26, Chapter 1, § 705; chapter-001-normal-taxes-and-surtaxes.md
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**(a) General rule** The adjusted basis of a partner’s interest in a partnership shall, except as provided in subsection (b), be the basis of such interest determined under section 722 (relating to contributions to a partnership) or section 742 (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 section 703(a),
(B) income of the partnership exempt from tax under this title, and
(C) the excess of the deductions for depletion over the basis of the property subject to depletion;
(2) decreased (but not below zero) by distributions by the partnership as provided in section 733 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; and
(3) decreased (but not below zero) by the amount of the partner’s deduction for depletion 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).
**(b) Alternative rule** The Secretary 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations** The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions:
(1) **In general.—**
(A) *Credit elsewhere.—*
(i) *In general.—* — The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere. No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available.
(ii) *Liquidity.—* — On and after October 1, 2015, the Administrator may not guarantee a loan under this subsection if the lender determines that the borrower is unable to obtain credit elsewhere solely because the liquidity of the lender depends upon the guaranteed portion of the loan being sold on the secondary market.
(B) *Background checks.—* — Prior to the approval of any loan made pursuant to this subsecti
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 636
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section—
(1) the term “covered loan” means a loan guaranteed under [section 636(a)(36) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/a/36&num=0&edition=prelim);
(2) the term “covered mortgage obligation” means any indebtedness or debt instrument incurred in the ordinary course of business that—
(A) is a liability of the borrower;
(B) is a mortgage on real or personal property; and
(C) was incurred before February 15, 2020;
(3) the term “covered operations expenditure” means a payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses;
(4) the term “covered period” means the period—
(A) beginning on the date of the origination of a covered loan; and
(B) ending on a date selected by the eligible recipient of the covered loan that occurs during the period—
(i) beginning on the date that is 8 weeks after such date of origination; and
(ii) ending on the date that is 24 weeks after such date of origination;
(5) the term “covered property damage cost” means a cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation;
(6) the term “covered rent obligation” means rent obligated under a leasing agreement in force before February 15, 2020;
(7) the term “covered supplier cost” means an expenditure made by an entity to a supplier of goods for the supply of goods that—
(A) are essential to the operations of the entity at the tim
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 636m
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section—
(1) the terms “appropriate Federal banking agency” and “insured depository institution” have the meanings given those terms in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(2) the term “insured credit union” has the meaning given the term in [section 1752 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim); and
(3) the term “Secretary” means the Secretary of the Treasury.
**(b) Authority to include additional financial institutions** The Department of the Treasury, in consultation with the Administrator, and the Chairman of the Farm Credit Administration shall establish criteria for insured depository institutions, insured credit unions, institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 ([12 U.S.C. 2001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2001&num=0&edition=prelim) et seq.), and other lenders that do not already participate in lending under programs of the Administration, to participate in the paycheck protection program to provide loans under this section until the date on which the national emergency declared by the President under the National Emergencies Act ([50 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1601&num=0&edition=prelim) et seq.) with respect to the Coronavirus Disease 2019 (COVID–19) expires.
**(c) Safety and soundness** An insured depository institution, insured credit union, institution of the Farm Credit System chartered under the Farm Credit Act of 1971 ([12 U.S.C. 2001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-secti
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 9008
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Agricultural enterprise** — The term “agricultural enterprise” has the meaning given the term in [section 647(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section647/b&num=0&edition=prelim).
(2) **Covered entity** — The term “covered entity”—
(A) means an eligible entity that—
(i) applies for a loan under [section 636(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636/b/2&num=0&edition=prelim) during the covered period, including before December 27, 2020;
(ii) is located in a low-income community;
(iii) has suffered an economic loss of greater than 30 percent; and
(iv) employs not more than 300 employees; and
(B) except with respect to an entity included under section 123.300(c) of title 13, Code of Federal Regulations, or any successor regulation, does not include an agricultural enterprise.
(3) **Covered period** — The term “covered period” has the meaning given the term in [section 9009(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section9009/a/1&num=0&edition=prelim), as amended by section 332 of this Act.
(4) **Economic loss** — The term “economic loss” means, with respect to a covered entity—
(A) the amount by which the gross receipts of the covered entity declined during an 8-week period between March 2, 2020, and December 31, 2021, relative to a comparable 8-week period immediately preceding March 2, 2020, or during 2019; or
(B) if the covered entity is a seasonal business concern, such other amount determined appropriate by the Administrator.
(5) **Eligible entity** — The term “eligible entity” means an entity that, during the covered period, is el
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 9009b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Administrator** — The term “Administrator” means the Administrator of the Small Business Administration.
(2) **Affiliated business** — The term “affiliated business” means a business in which an eligible entity has an equity or right to profit distributions of not less than 50 percent, or in which an eligible entity has the contractual authority to control the direction of the business, provided that such affiliation shall be determined as of any arrangements or agreements in existence as of March 13, 2020.
(3) **Covered period** — The term “covered period” means the period—
(A) beginning on February 15, 2020; and
(B) ending on December 31, 2021, or a date to be determined by the Administrator that is not later than 2 years after March 11, 2021.
(4) **Eligible entity** — The term “eligible entity”—
(A) means a restaurant, food stand, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premise of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink;
(B) includes an entity described in subparagraph (A) that is located in an airport terminal or that is a Tribally-owned concern; and
(C) does not include—
(i) an entity described in subparagraph (A) that—
(I) is a State or local government-operated business;
(II) as of March 13, 2020, owns or operates (together with any affiliated business) more than 20 locations, regardless of whether those locations do business under the same or multiple names; or
(III) has a pending application for or has received a grant under
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 9009c
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Federal law — U.S. Code and appendices · legal_authorities
Page 1868
TITLE 26—INTERNAL REVENUE CODE
§ 705
tion [amending this section and section 761 of this title]
shall apply to partnership taxable years beginning after
December 31, 2015.’’
EFFECTIVE DATE OF 2004 AMENDMENT
Pub. L. 108–357, title VIII, § 833(d)(1), Oct. 22, 2004, 118
Stat. 1592, provided that: ‘‘The amendment made by
subsection (a) [amending this section] shall apply to
contributions made after the date of the enactment of
this Act [Oct. 22, 2004].’’
EFFECTIVE DATE OF 1997 AMENDMENT
Pub. L. 105–34, title X, § 1063(b), Aug. 5, 1997, 111 Stat.
947, provided that:
‘‘(1) IN
GENERAL.—The amendment made by sub-
section (a) [amending this section and section 737 of
this title] shall apply to property contributed to a part-
nership after June 8, 1997.
‘‘(2) BINDING CONTRACTS.—The amendment made by
subsection (a) shall not apply to any property contrib-
uted pursuant to a written binding contract in effect on
June 8, 1997, and at all times thereafter before such
contribution if such contract provides for the contribu-
tion of a fixed amount of property.’’
EFFECTIVE DATE OF 1992 AMENDMENT
Pub. L. 102–486, title XIX, § 1937(c), Oct. 24, 1992, 106
Stat. 3033, provided that: ‘‘The amendments made by
this section [enacting section 737 of this title and
amending this section and section 731 of this title] shall
apply to distributions on or after June 25, 1992.’’
EFFECTIVE DATE OF 1989 AMENDMENT
Pub. L. 101–239, title VII, § 7642(b), Dec. 19, 1989, 103
Stat. 2381, provided that: ‘‘The amendment made by
subsection (a) [amending this section] shall apply in
the case of property contributed to the partnership
after October 3, 1989, in taxable years ending after such
date.’’
EFFECTIVE DATE OF 1984 AMENDMENT
Pub. L. 98–369, div. A, title I, § 71(c), July
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 705
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.