Source: http://taxtv.com/code/00317-USCODE-2011-title26-subtitleA-chap1-subchapC-partIII-subpartB-sec357/
Timestamp: 2017-06-28 02:10:05
Document Index: 591297467

Matched Legal Cases: ['§357', '§357', '§357', '§3001', '§3001', '§3001', '§3001', '§3001', '§11801', '§11801', '§2', '§2', '§2', '§898', '§357']

IRC §357. Assumption of liability - TaxTV.com
IRC §357. Assumption of liability
View related content: IRC §357	Table of ContentsPREVNEXT
(1) the taxpayer receives property which would be permitted to be received under section 3 or 361 without the recognition of gain if it were the sole consideration, and
then such assumption shall not be treated as money or other property, and shall not prevent the exchange from being within the provisions of section 3 or 361, as the case may be.
then such assumption (in the total amount of the liability assumed pursuant to such exchange) shall, for purposes of section 3 or 361 (as the case may be), be considered as money received by the taxpayer on the exchange.
(A) to which section 3 applies, or
If a taxpayer transfers, in an exchange to which section 3 applies, a liability the payment of which either—
1999—Subsec. (a). Pub. L. 106–36, §3001(d)(2), struck out “or acquisition” after “assumption” in concluding provisions.
Subsec. (a)(2). Pub. L. 106–36, §3001(a)(1), struck out “, or acquires from the taxpayer property subject to a liability” before comma at end.
Subsec. (b). Pub. L. 106–36, §3001(d)(2), (3), struck out “or acquisition” after “assumption” wherever appearing and struck out “or acquired” after “liability assumed” in concluding provisions of par. (1).
Subsec. (c)(1). Pub. L. 106–36, §3001(d)(4), struck out “, plus the amount of the liabilities to which the property is subject,” after “liabilities assumed” in concluding provisions.
Subsec. (c)(3)(A). Pub. L. 106–36, §3001(d)(5), struck out “or to which the property transferred is subject” after “liabilities assumed” in concluding provisions.
1990—Subsecs. (a), (b)(1). Pub. L. 101–508, §11801(c)(8)(F)(i), substituted “3 or 361” for “3 , 361, 371, or 374” wherever appearing.
Subsec. (c)(2). Pub. L. 101–508, §11801(c)(8)(F)(ii), inserted “or” at end of subpar. (A), redesignated subpar. (C) as (B), and struck out former subpar. (B) which read as follows: “to which section 371 or 374 applies, or”.
1956—Subsec. (a). Act June 29, 1956, §2(1), substituted “371, or 374” for “or 371” in two places.
Subsec. (b). Act June 29, 1956, §2(1), substituted “371, or 374” for “or 371”.
Subsec. (c)(2)(B). Act June 29, 1956, §2(2), substituted “371 or 374” for “371”.
Pub. L. 108–357, title VIII, §898(c), Oct. 22, 2004, 118 Stat. 1649, provided that: “The amendments made by this section [amending this section and section 361 of this title] shall apply to transfers of money or other property, or liabilities assumed, in connection with a reorganization occurring on or after the date of the enactment of this Act [Oct. 22, 2004].”
Section 365(c) of Pub. L. 95–600 provided that: “The amendments made by subsections (a) and (b) [amending this section and section 358 of this title] shall apply to transfers occurring on or after the date of the enactment of this Act [Nov. 6, 1978].”
View related content: IRC §357