26 U.S.C. § 721 — Nonrecognition of gain or loss on contribution
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 147 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
No gain or loss shall be recognized to a partnership* or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership.
Subsection (a) shall not apply to gain realized on a transfer of property to a partnership which would be treated as an investment company (within the meaning of section 351) if the partnership were incorporated.
The Secretary* may provide by regulations that subsection (a) shall not apply to gain realized on the transfer of property to a partnership if such gain, when recognized, will be includible in the gross income of a person other than a United States person*.
For regulatory authority to treat intangibles transferred to a partnership as sold, see section 367(d)(3).
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 245; Pub. L. 94–455, title XXI, § 2131(b), Oct. 4, 1976, 90 Stat. 1924; Pub. L. 105–34, title XI, § 1131(b)(3), (5)(B), Aug. 5, 1997, 111 Stat. 979, 980.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
- 1976Amended · Pub. L. 94-455 · 90 Stat. 1924
- 1997Amended · Pub. L. 105-34 · 111 Stat. 979, 980
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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