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

CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter K— Partners and Partnerships

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).

Notes

Editorial Notes

Amendments

2002—Pub. L. 107–147 struck out “which have appreciated substantially in value” after “inventory items”.