§214.  Basis of distributee partner's interest

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 R.S. 47:213.  

Added by Acts 1958, No. 441, §2.