Sec. 1102. PARTNERSHIP INTERESTS CREATED BY GIFT
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## SEC. 1102 PARTNERSHIP INTERESTS CREATED BY GIFT ###
(a)In General Section 761(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following: “In the case of a capital interest in a partnership in which capital is a material income-producing factor, whether a person is a partner with respect to such interest shall be determined without regard to whether such interest was derived by gift from any other person.”. ###
(b)Conforming amendments **[**[26 U.S.C. 704](/us/usc/t26/s704)**]** Section 704(e) of such Code is amended— ####
(1)by striking paragraph
(1)and by redesignating paragraphs
(2)and
(3)as paragraphs
(1)and (2), respectively, ####
(2)by striking “this section” in paragraph
(2)(as so redesignated) and inserting “this subsection”, and ####
(3)by striking “Family Partnerships” in the heading and inserting “Partnership Interests Created by Gift”. ###
(c)Effective Date **[**[26 U.S.C. 704](/us/usc/t26/s704)**]** The amendments made by this section shall apply to partnership taxable years beginning after December 31, 2015. # TITLE XII DESIGNATION OF SMALL HOUSE ROTUNDA
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Sec. 1102
PARTNERSHIP INTERESTS CREATED BY GIFT
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