Recognition and character of gain or loss on sale or exchange

  1. Law
  2. USC 26
  3. Internal Revenue Code
  4. Income Taxes
  5. NORMAL TAXES AND SURTAXES
  6. Partners and Partnerships
  7. CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERS
  8. Transfers of Interests in a Partnership
  9. Recognition and character of gain or loss on sale or exchange

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§741. Recognition and character of gain or loss on sale or exchange

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".


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