P.R. Laws tit. 13, § 30577
(a) General rule. — The basis of property, other than money, distributed by a special partnership to a partner other than in liquidation of the partner’s interest in the special partnership, shall be the adjusted basis of the property to the special partnership immediately before such distribution.
The partner’s basis of the property thus distributed shall not exceed the adjusted basis of the partner’s interest in the special partnership, decreased by any amount of money distributed in the same transaction.
(b) Distribution in liquidation. — The basis of property, other than money, distributed by a special partnership to a partner in liquidation of the partner’s interest in the special partnership shall be an amount equal to the adjusted basis of the partner’s interest in the special partnership, reduced by any money distributed in the same transaction.
History —Jan. 31, 2011, No. 1, § 1114.27, retroactive to Jan. 1, 2011.