48-235-102 - Restatement of value of previous contributions. - Tennessee Statutes

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48-235-102. Restatement of value of previous contributions.

(a) Definition. As used in this section, an old contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.

(b) Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.

[Acts 1994, ch. 868, § 1.]

State Codes and Statutes

Statutes > Tennessee > Title-48 > Chapter-235 > 48-235-102

48-235-102. Restatement of value of previous contributions.

(a) Definition. As used in this section, an old contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.

(b) Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.

[Acts 1994, ch. 868, § 1.]

State Codes and Statutes

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State Codes and Statutes

Statutes > Tennessee > Title-48 > Chapter-235 > 48-235-102

48-235-102. Restatement of value of previous contributions.

(a) Definition. As used in this section, an old contribution is a contribution reflected in the required records of an LLC before the time the LLC accepts a new contribution.

(b) Restatement Required. Whenever an LLC accepts a new contribution, the board of governors of a board-governed LLC or the members shall restate the value of all old contributions if and as required by applicable federal tax law.

[Acts 1994, ch. 868, § 1.]