Source: https://irc.bloombergtax.com/public/uscode/doc/irc/section_743
Timestamp: 2020-08-11 19:28:42
Document Index: 331112854

Matched Legal Cases: ['§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743', '§ 743']

Internal Revenue Code, § 743. Special Rules Where Section 754 Election Or Substantial Built-In Loss
I.R.C. § 743(a) General Rule —
I.R.C. § 743(b) Adjustment To Basis Of Partnership Property —
I.R.C. § 743(b)(1) —
I.R.C. § 743(b)(2) —
decrease the adjusted basis of the partnership property by the excess of the transferee partner's proportionate share of the adjusted basis of the partnership property over the basis of his interest in the partnership.
I.R.C. § 743(c) Allocation Of Basis —
I.R.C. § 743(d) Substantial Built-In Loss
I.R.C. § 743(d)(1) In General —
I.R.C. § 743(d)(1)(A) —
the partnership's adjusted basis in the partnership property exceeds by more than $250,000 the fair market value of such property, or
I.R.C. § 743(d)(1)(B) —
the transferee partner would be allocated a loss of more than $250,000 if the partnership assets were sold for cash equal to their fair market value immediately after such transfer.
I.R.C. § 743(d)(2) Regulations —
I.R.C. § 743(e) Alternative Rules For Electing Investment Partnerships
I.R.C. § 743(e)(1) No Adjustment Of Partnership Basis —
I.R.C. § 743(e)(2) Loss Deferral For Transferee Partner —
I.R.C. § 743(e)(3) No Reduction In Partnership Basis —
I.R.C. § 743(e)(4) Certain Basis Reductions Treated As Losses —
I.R.C. § 743(e)(5) Electing Investment Partnership —
I.R.C. § 743(e)(5)(A) —
I.R.C. § 743(e)(5)(B) —
I.R.C. § 743(e)(5)(C) —
I.R.C. § 743(e)(5)(D) —
I.R.C. § 743(e)(5)(E) —
I.R.C. § 743(e)(5)(F) —
I.R.C. § 743(e)(5)(G) —
I.R.C. § 743(e)(5)(H) —
the partnership agreement of such partnership has substantive restrictions on each partner's ability to cause a redemption of the partner's interest, and
I.R.C. § 743(e)(5)(I) —
The election described in subparagraph (A), once made, shall beirrevocable except with the consent of the Secretary.
I.R.C. § 743(e)(6) Regulations —
I.R.C. § 743(f) Exception For Securitization Partnerships
I.R.C. § 743(f)(1) No Adjustment Of Partnership Basis —
I.R.C. § 743(f)(2) Securitization Partnership —
(Aug. 16, 1954, ch. 736, 68A Stat. 249 ; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1906(b)(13)(A), 90 Stat. 1834; July 18, 1984, Pub. L. 98-369, div. A, title I, 71(b), 98 Stat. 589; Oct. 22, 2004, Pub. L. 108-357, title VIII, Sec. 833(b), 118 Stat. 1418; Pub. L. 115-97, Sec. 13502(a), 13504(b)(2), Dec. 22, 2017, 131 Stat. 2054.)
2017 - Subsec. (d)(1). Pub. L. 115-97, Sec. 13502(a), amended par. (1). Before amendment, it read as follows:
“(1) In General— For purposes of this section, a partnership has a substantial built-in loss with respect to a transfer of an interest in a partnership if the partnership's adjusted basis in the partnership property exceeds by more than $250,000 the fair market value of such property.”
Subsec. (e)(4)-(7). Pub. L. 115-97, Sec. 13504(b)(2), amended subsec. (e) by striking par. (4) and redesignating pars. (5)-(7) as pars. (4)-(6), respectively. Before being struck, par. (4) read as follows:
“(4) Effect Of Termination Of Partnership.—This subsection shall be applied without regard to any termination of a partnership under section 708(b)(1)(B).”
2004 - Sec. 743. Pub. L. 108-357, Sec. 833(b)(5), amended the heading of Sec. 743 by substituting “Special rules where section 754 election or substantial built-in loss” for “Optional adjustment to basis of partnership property”.
Subsec. (a). Pub. L. 108-357, Sec. 833(b)(1), amended subbsec. (a) by inserting “or unless the partnership has a substantial built-in loss immediately after such transfer” before the period at the end.
Subsec. (b). Pub. L. 108-357, Sec. 833(b)(2), amended subsec. (b) by inserting “or which has a substantial built-in loss immediately after such transfer" after “section 754 is in effect”.
Subsec. (d)-(e). Pub. L. 108-357, Sec. 833(b), added subsec. (d), (e), and (f).
1984--Subsec. (b). Pub. L. 98-369 substituted “property contributed to the partnership by a partner, section 704(c) (relating to contributed property) shall apply in determining such share” for “an agreement described in section 704(c)(2) (relating to effect of partnership agreement on contributed property), such share shall be determined by taking such agreement into account” in penultimate sentence.
Amendment by Pub. L. 115-97, Sec. 13502(a) effective for transfers of partnership interests after December 31, 2017.
Amendments by Pub. L. 115-97, Sec. 13504(b)(2), effective to partnership taxable years beginning after December 31, 2017.
Amendments by Pub. L. 108-357, Sec. 833(b), applicable to transfers after the date of the enactment of this Act [Enacted: Oct. 22, 2004]. Pub. L. 108-357, Sec. 833(d)(2)(B) of Pub. L. 108-357 provided the following transitional rule:
“In the case of an electing investment partnership which is in existence on June 4, 2004, section 743(e)(6)(H) of the Internal Revenue Code of 1986, as added by this section, shall not apply to such partnership and section 743(e)(6)(I) of such Code, as so added, shall be applied by substituting ‘20 years’ for ‘15 years’.”
Amendment by Pub. L. 98-369 applicable with respect to property contributed to the partnership after Mar. 31, 1984, in taxable years ending after such date, see section 71(c) of Pub. L. 98-369, set out as a note under section 704 of this title.