Sec. 506. Repeal of technical termination for partnerships
170 words·~1 min read·
/bill/114/s/3471/pcs/section-506A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraph
(1)of section 708(b) of the Internal Revenue Code of 1986 is amended by striking only if and all that follows and inserting only if no part of any business, financial operation, or venture of the partnership continues to be carried on by any of its partners in a partnership. . Section 168(i)(7)(B) of the Internal Revenue Code of 1986 is amended by striking the last sentence thereof. Section 743(e) of such Code is amended by striking paragraph
(4)and by redesignating paragraphs (5), (6), and
(7)as paragraphs (4), (5), and (6), respectively. Section 774 of such Code is amended by striking subsection
(c)and by redesignating subsections (d), (e), and
(f)as subsections (c), (d), and (e), respectively. The amendments made by this section shall apply to periods beginning after December 31, 2016. In the case of any period beginning before January 1, 2017, section 708(b)(1)(B) of the Internal Revenue Code of 1986 shall be applied without regard to any sale or exchange after December 31, 2016.