26 USC 741: Recognition and character of gain or loss on sale or exchange
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26 USC 741: Recognition and character of gain or loss on sale or exchange Text contains those laws in effect on November 20, 2024
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter K-Partners and PartnershipsPART II-CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERSSubpart C-Transfers of Interests in a Partnership
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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 .)


Editorial Notes

Amendments

2002-Pub. L. 107–147 struck out "which have appreciated substantially in value" after "inventory items".