It is abolished. Those that practice it are not members of the Church of Jesus Christ of Latter Day Saints. Period. No Exceptions. Its been over 180 years since it was practiced in our church.
When it was practiced, it was out of necessity. 1000's of women and children were left with out male care givers. Men who had the means (Financially) to provide for more then one wife (and in most cases, this included the wife's children), were allowed. Once the church population stabilized (meaning the ratio of men to women), then there was no more need for it, and thus, it was abolished.