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26 U.S.C. § 723 — Basis of property contributed to partnership
Federal law — U.S. Code and appendices · legal_authorities
The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 721(b) to the contributing partner at such time.
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Source location: Title 26, Chapter 1, § 723; chapter-001-normal-taxes-and-surtaxes.md
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The basis of property contributed to a partnership by a partner shall be the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 721(b) to the contributing partner at such time.
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Federal law — U.S. Code and appendices · legal_authorities
The basis of an interest in a partnership acquired by a contribution of property, including money, to the partnership shall be the amount of such money and the adjusted basis of such property to the contributing partner at the time of the contribution increased by the amount (if any) of gain recognized under section 721(b) to the contributing partner at such time.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 722
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** 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.
**(b) Special rule** 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.
**(c) Regulations relating to certain transfers to partnerships** 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.
**(d) Transfers of intangibles** For regulatory authority to treat intangibles transferred to a partnership as sold, see section 367(d)(3).
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Federal law — U.S. Code and appendices · legal_authorities
Page 1875
TITLE 26—INTERNAL REVENUE CODE
§ 724
AMENDMENTS
1997—Subsec. (c). Pub. L. 105–34, § 1131(b)(3), added
subsec. (c).
Subsec. (d). Pub. L. 105–34, § 1131(b)(5)(B), added sub-
sec. (d).
1976—Pub. L. 94–455 designated existing provisions as
subsec. (a), added subsec. (a) heading ‘‘General rule’’,
and added subsec. (b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1976 AMENDMENT
Pub. L. 94–455, title XXI, § 2131(f)(3)–(5), Oct. 4, 1976, 90
Stat. 1924, 1925, provided that:
‘‘(3) Except as provided in paragraph (4), the amend-
ments made by subsections (b) and (c) [amending this
section and sections 722 and 723 of this title] shall apply
to transfers made after February 17, 1976, in taxable
years ending after such date.
‘‘(4) The amendments made by subsections (b) and (c)
shall not apply to transfers to a partnership made on or
before the 90th day after the date of the enactment of
this Act [Oct. 4, 1976] if—
‘‘(A) either—
‘‘(i) a ruling request with respect to such trans-
fers was filed with the Internal Revenue Service be-
fore March 27, 1976, or
‘‘(ii) a registration statement with respect to
such transfers was filed with the Securities and Ex-
change Commission before March 27, 1976,
‘‘(B) the securities transferred were deposited on or
before the 60th day after the date of the enactment of
this Act [Oct. 4, 1976], and
‘‘(C) either—
‘‘(i) the aggregate value (determined as of the
close of the 60th day referred to in subparagraph
(B), or, if earlier, the close of the deposit period) of
the securities so transferred does not exceed
$100,000,000, or
‘‘(ii) the securities transferred were all on deposit
on February 29, 1976, pursuant to a registration
statement referred to in subparagraph (A)(ii).
‘‘(5) If no registration s
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 723
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