26 U.S. Code § 741 - Recognition and character of gain or loss on sale or exchange

prev | next
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).

Source

(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. 107–147struck out “which have appreciated substantially in value” after “inventory items”.

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.