United States Code (Last Updated: May 24, 2014) |
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 |
§ 741. Recognition and character of gain or loss on sale or exchange
Latest version.
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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.)
Amendments
2002—Pub. L. 107–147 struck out “which have appreciated substantially in value” after “inventory items”.