Louisiana Revised Statutes 47:73 – Items not deductible; family transactions
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Terms Used In Louisiana Revised Statutes 47:73
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
In computing net income, no deduction shall in any case be allowed in respect of losses from sales or exchanges of property, directly or indirectly, between members of a family or, except in the case of distributions in liquidation, between an individual and a corporation in which such individual owns, directly or indirectly, more than fifty per centum (50%) of the voting stock.
For the purpose of this Section an individual shall be considered as owning the stock owned, directly or indirectly, by his family; and the family of an individual shall include only his brothers and sisters, whether by whole or half blood, spouse, ancestors, and lineal descendants.