Internal Revenue Code · 26 U.S.C.
§ 705. Determination of basis of partner’s interest
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 705
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- October 4, 1976 by Pub. L. 94–455
- Last amended
- July 18, 1984 by Pub. L. 98–369
- Amendments
- 1 dated changes in the source credit
- Length
- 2 subsections · 295 words · about 1 min to read
- Cross-references
- cites 5; cited by 4 Code sections and 38 other regulations
- Regulations
- 2 issued under this section
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.
(Aug. 16, 1954, ch. 736, 68A Stat. 242; Pub. L. 94–455, title XIX, § 1906(b)(13)(A), title XXI, § 2115(c)(3), Oct. 4, 1976, 90 Stat. 1834, 1909; Pub. L. 98–369, div. A, title VII, § 722(e)(1), July 18, 1984, 98 Stat. 974.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 705
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 5 other sections
- § 722 Basis of contributing partner’s interest
- § 742 Basis of transferee partner’s interest
- § 703(a) Partnership computations
- § 733 Basis of distributee partner’s interest
- § 613A(c)(7)(D) Limitations on percentage depletion in case of oil and gas wells
Cited by 4 Code sections
- § 48D(d)(2)(A)(i)(III) Advanced manufacturing investment credit
- § 965(f)(2)(A) Treatment of deferred foreign income upon transition to participation exemption system of taxation
- § 6417(c)(1)(C) Elective payment of applicable credits
- § 6418(c)(1)(A) Transfer of certain credits
Cited in 38 regulations not issued under it
- § 1.43-1 The enhanced oil recovery credit—general rules.
- § 1.48D-0 Table of contents.
- § 1.48D-6 Elective payment election.
- § 1.50-1 Lessee's income inclusion following election of lessor of investment credit property to treat lessee as acquirer.
- § 1.59A-3 Base erosion payments and base erosion tax benefits.
- § 1.108(i)-2 Application of section 108(i) to partnerships and S corporations.
- § 1.163(j)-6 Application of the section 163(j) limitation to partnerships and subchapter S corporations.
- § 1.170A-14 Qualified conservation contributions.
- § 1.267(b)-1 Relationships.
- § 1.358-7 Transfers by partners and partnerships to corporations.
- § 1.362-3 Basis of importation property acquired in loss importation transaction.
- § 1.362-4 Basis of loss duplication property.
- § 1.514(c)-2 Permitted allocations under section 514(c)(9)(E).
- § 1.613A-3 Exemption for independent producers and royalty owners.
- § 1.701-2 Anti-abuse rule.
- § 1.704-1 Partner's distributive share.
- § 1.704-2 Allocations attributable to nonrecourse liabilities.
- § 1.706-4 Determination of distributive share when a partner's interest varies.
- § 1.752-7 Partnership assumption of partner's § 1.752-7 liability on or after June 24, 2003.
- § 1.771-1 Effective date.
- § 1.852-4 Method of taxation of shareholders of regulated investment companies.
- § 1.865-2 Loss with respect to stock.
- § 1.884-1 Branch profits tax.
- § 1.955A-2 Amount of a controlled foreign corporation's qualified investments in foreign base company shipping operations.
Show 14 more
- § 1.965-0 Outline of section 965 regulations.
- § 1.965-3 Section 965(c) deductions.
- § 1.987-7 Application of the section 987 regulations to partnerships and S corporations.
- § 1.1045-1 Application to partnerships.
- § 1.1400Z2(a)-1 Deferring tax on capital gains by investing in opportunity zones.
- § 1.1400Z2(b)-1 Inclusion of gains that have been deferred under section 1400Z-2(a).
- § 1.1400Z2(c)-1 Investments held for at least 10 years.
- § 1.1411-10 Controlled foreign corporations and passive foreign investment companies.
- § 1.1446-3 Time and manner of calculating and paying over the 1446 tax.
- § 1.1503(d)-5 Attribution of items and basis adjustments.
- § 1.6417-4 Elective payment election for electing taxpayers that are partnerships or S corporations.
- § 1.6418-3 Additional rules for partnerships and S corporations.
- § 53.4968-2 Net investment income.
- § 301.6241-4 Payments nondeductible.
Amendment history
From the source credit and the official notes, newest first.
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter K Partners and Partnerships
- Part I DETERMINATION OF TAX LIABILITY
Nearby sections
- § 701 Partners, not partnership, subject to tax
- § 702 Income and credits of partner
- § 703 Partnership computations
- § 704 Partner’s distributive share
- § 705 Determination of basis of partner’s interest
- § 706 Taxable years of partner and partnership
- § 707 Transactions between partner and partnership
- § 708 Continuation of partnership
- § 709 Treatment of organization and syndication fees
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
1984—Subsec. (a)(3). Pub. 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). Pub. L. 94–455, § 2115(c)(3), added par. (3).
Subsec. (b). Pub. L. 94–455, § 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Pub. 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 Pub. L. 94–455 effective on Jan. 1, 1975, and applicable to taxable years ending after Dec. 31, 1974, see section 2115(f) of Pub. L. 94–455, set out as a note under section 613A of this title.