Source: https://www.law.cornell.edu/uscode/text/26/724
Timestamp: 2016-07-28 16:19:05
Document Index: 12062558

Matched Legal Cases: ['§ 724', '§\u202f74', '§\u202f1704', '§\u202f1062', '§\u202f1062', '§\u202f74']

26 U.S. Code § 724 - Character of gain or loss on contributed unrealized receivables, inventory items, and capital loss property | US Law | LII / Legal Information Institute
Character of gain or loss on contributed unrealized receivables, inventory items, and capital loss property
(a) Contributions of unrealized receivablesIn the case of any property which—
(b) Contributions of inventory itemsIn the case of any property which—
(c) Contributions of capital loss propertyIn the case of any property which—
The term “unrealized receivable” has the meaning given such term by section 751(c) (determined by treating any reference to the partnership as referring to the partner).
The term “inventory item” has the meaning given such term by section 751(d) (determined by treating any reference to the partnership as referring to the partner and by applying section 1231 without regard to any holding period therein provided).
(Added Pub. L. 98–369, div. A, title I, § 74(a), July 18, 1984, 98 Stat. 592; amended Pub. L. 104–188, title I, § 1704(t)(63), Aug. 20, 1996, 110 Stat. 1890; Pub. L. 105–34, title X, § 1062(b)(3), Aug. 5, 1997, 111 Stat. 947.)
1997—Subsec. (d)(2). Pub. L. 105–34 substituted “section 751(d)” for “section 751(d)(2)”.
1996—Subsec. (d)(3)(B). Pub. L. 104–188 substituted “Subparagraph” for “Subparagaph”.
Pub. L. 105–34, title X, § 1062(c), Aug. 5, 1997, 111 Stat. 947, provided that:
The amendments made by this section [amending this section and sections 731, 732, 735, and 751 of this title] shall apply to sales, exchanges, and distributions after the date of the enactment of this Act [Aug. 5, 1997].
The amendments made by this section shall not apply to any sale or exchange pursuant to a written binding contract in effect on June 8, 1997, and at all times thereafter before such sale or exchange.”
Pub. L. 98–369, div. A, title I, § 74(d)(1), July 18, 1984, 98 Stat. 594, provided that: “The amendment made by subsection (a) [enacting this section] shall apply to property contributed to a partnership after March 31, 1984, in taxable years ending after such date.”