26 U.S.C. § 741
Recognition and character of gain or loss on sale or exchange
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 of Decisions
Cited in 15
cases, 1957–2016 · leading case: Commissioner v. Tufts
Commissioner v. Tufts (1983)
“Of the resulting figure, $395,760, the Commissioner treated $348,661 as capital gain, pursuant to § 741 of the Internal Revenue Code of 1954, 26 U. S. C. § 741 , and $47,099 as ordinary gain under the recapture provisions of § 1250 of the Code.”
Norman and Arlene Rodman, Appellants-Cross-Appellees v. Commissioner of Internal Revenue, Appellee-Cross-Appellant (1976)
“Finally, § 741 of the Code, 26 U.S.C. § 741 , 10 provides that any such loss recognized to a partner shall be considered as a loss from the sale or exchange of a capital asset, except to the extent that the property distributed was substantially appreciated inventory and…”
R. Timmis Ware and Catherine K. Ware v. Commissioner of Internal Revenue (1990)
“See 26 U.S.C. § 741 (1988). A revenue agent for the Internal Revenue Service performed an audit and concluded that the fee should be treated as ordinary income, because it was earned directly by Ware and not by the partnership.”
RB Alden Corp. v. Commonwealth (2016)
“12 See 26 U.S.C. § 741 ; 26 C.F.R. § 1.741-1 (a).”
Emory K. Crenshaw, as of the Estate of Frances Wood Wilson, Deceased v. United States (1972)
“” 26 U.S.C.A. § 741 . . “PAYMENTS TO A RETIRING PARTNER OR A DECEASED PARTNER’S SUCCESSOR IN INTEREST.”
M. Lloyd Freese and Dorothy M. Freese v. United States (1972)
“A threshold principle is that in order for a transaction to be ruled a capital gain, it must bring itself within either 26 U.S.C. § 741 (partnership interest) or 26 U.”
Crenshaw v. United States (1970)
“ld be a valid liquidating distribution under §§ 731 and 736(b), and that the subsequent exchange was a valid one, but it contends that the distribution cannot be viewed as a separate transaction; rather, it argues that the foregoing transactions, all of which occurred on the…”
V. Zay Smith, and Ida Smith v. Commissioner of Internal Revenue (1963)
“If that was the situation, the government concedes, and we agree, that Section 741 of the Internal Revenue Code of 1954, 26 U.S.C. § 741 , would be applicable, as contended by the taxpayer.”
Harlan E. Baxter and Imogene Baxter v. Commissioner of Internal Revenue, Lovell J. Proby and Eva M. Proby v. Commissione (1970)
“Code of 1954, 26 U.S.C. § 741 . Baxter’s intent, apparently, was to move into Proby’s shoes as the proprietor of a traffic-signal sales agency.”
Estate of Freeland v. Commissioner (1968)
“The general statutory rule governing sales of partnership interests is stated in section 741 of the Internal Revenue Code, 26 U.S.C. § 741 (1964): “In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner.”
Karan v. Commissioner (1963)
“…751 (relating to unrealized receivables and inventory items which have appreciated substantially in value).” ( 26 U.S.C. § 741 .)”
Tunnell v. United States (1957)
““Because of the confusion in this area, basic rules have been set forth in order to clarify tax treatment and at the same •time to prevent the use of the sale of an interest in a' partnership as a device for converting fights to income into capital gain.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.