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. (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.