§ 47:131

§131. Determination of amount of, and recognition of, gain or loss
A. Computation of gain or loss. The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in R.S. 47:139 for determining gain, and the loss shall be the excess of the adjusted basis provided in such section for determining loss over the amount realized.
B. Amount realized. The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of property (other than money) received.
C. Recognition of gain or loss. In the case of a sale or exchange, the extent to which the gain or loss determined under this Section shall be recognized for the purpose of this Chapter, shall be determined under the provisions of R.S. 47:132 through 47:138.
D. Installment sales. Nothing in this Section shall be construed to prevent (in the case of property sold under contract providing for payments in installments) the taxation of that portion of any installment payment representing gain or profit in the year in which such payment is received.