26 U.S.C. § 708 — Continuation of partnership
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 185 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
For purposes of this subchapter, an existing partnership* shall be considered as continuing if it is not terminated.
For purposes of subsection (a), a partnership shall be considered as terminated only if no part of any business, financial operation, or venture of the partnership continues to be carried on by any of its partners in a partnership.
In the case of the merger or consolidation of two or more partnerships, the resulting partnership shall, for purposes of this section, be considered the continuation of any merging or consolidating partnership whose members own an interest of more than 50 percent in the capital and profits of the resulting partnership.
In the case of a division of a partnership into two or more partnerships, the resulting partnerships (other than any resulting partnership the members of which had an interest of 50 percent or less in the capital and profits of the prior partnership) shall, for purposes of this section, be considered a continuation of the prior partnership.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 244; Pub. L. 115–97, title I, § 13504(a), Dec. 22, 2017, 131 Stat. 2141.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 2017Amended · Pub. L. 115-97 · 131 Stat. 2141
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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