2015 US Code
Title 26 - Internal Revenue Code (Sections 1 - 9834)
Subtitle A - Income Taxes (Sections 1 - 1564)
Chapter 1 - Normal Taxes and Surtaxes (Sections 1 - 1400U-3)
Subchapter K - Partners and Partnerships (Sections 701 - 777)
Part II - Contributions, Distributions, and Transfers (Sections 721 - 755)
Subpart C - Transfers of Interests in a Partnership (Sections 741 - 743)
Sec. 741 - Recognition and character of gain or loss on sale or exchange
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 26 - INTERNAL REVENUE CODE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter K - Partners and Partnerships PART II - CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERS Subpart C - Transfers of Interests in a Partnership Sec. 741 - Recognition and character of gain or loss on sale or exchange |
| Contains | section 741 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Aug. 16, 1954, ch. 736, 68A Stat. 248; Pub. L. 107-147, title IV, §417(12), Mar. 9, 2002, 116 Stat. 56. |
| Statutes at Large Reference | 116 Stat. 56 |
| Public and Private Law | Public Law 107-147 |
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In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. Such gain or loss shall be considered as gain or loss from the sale or exchange of a capital asset, except as otherwise provided in section 751 (relating to unrealized receivables and inventory items).
(Aug. 16, 1954, ch. 736, 68A Stat. 248; Pub. L. 107–147, title IV, §417(12), Mar. 9, 2002, 116 Stat. 56.)
AMENDMENTS2002—Pub. L. 107–147 struck out "which have appreciated substantially in value" after "inventory items".
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