§ 752. Treatment of certain liabilities
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/usc/title-26/section-752A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Increase in partner’s liabilities Any increase in a partner’s share of the liabilities of a partnership, or any increase in a partner’s individual liabilities by reason of the assumption by such partner of partnership liabilities, shall be considered as a contribution of money by such partner to the partnership.
(b)Decrease in partner’s liabilities Any decrease in a partner’s share of the liabilities of a partnership, or any decrease in a partner’s individual liabilities by reason of the assumption by the partnership of such individual liabilities, shall be considered as a distribution of money to the partner by the partnership.
(c)Liability to which property is subject For purposes of this section, a liability to which property is subject shall, to the extent of the fair market value of such property, be considered as a liability of the owner of the property.
(d)Sale or exchange of an interest In the case of a sale or exchange of an interest in a partnership, liabilities shall be treated in the same manner as liabilities in connection with the sale or exchange of property not associated with partnerships.
(Aug. 16, 1954, ch. 736, 68A Stat. 251.)
Connections3 cite this
Cited by 3 sections
6 references not yet in our index
- Aug. 16, 1954, ch. 736
- 68A Stat. 251
- Pub. L. 98–369, div. A, title I, § 79
- 98 Stat. 597
- Pub. L. 99–514, § 2
- 100 Stat. 2095
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§ 752
Treatment of certain liabilities
Stat.×3
ActAug. 16, 1954, ch. 736
Stat.68A Stat. 251
Pub. L.Pub. L. 98–369, div. A, title I, § 79
Stat.98 Stat. 597
Pub. L.Pub. L. 99–514, § 2
Cites 6 · showing 5Cited by 3 across 1 source