WHAT THE LAW DOINCongress, in plain words

The law › Title 26, Internal Revenue Code › Chapter 1

26 U.S.C. 707: Transactions between partner and partnership

Created in 1976 by Public Law 94-455. Changed by 2 later laws. 1 new law this Congress changed it.

1 part of federal rules cite it as their authority, written by Internal Revenue Service, Department of the Treasury (1).

This Congress

  • H.R. 1 An act to provide for reconciliation pursuant to title II of H. Con. Res. 14. · became law · changed (a)

How it got here

1986

  • Pub. L. 99–514, §1805(b), substituted "sale or exchange of property" for "sale of property". · (a)
  • Pub. L. 99–514, §1812(c)(3)(B), inserted at end "For purposes of section 267(a)(2), partnerships described in subparagraph (B) of this paragraph shall be treated as persons specified in section 267(b)." · (b)
  • Pub. L. 99–514, §1812(c)(3)(A), substituted "a person" for "a partner". · (b)
  • Pub. L. 99–514, §1812(c)(3)(A), substituted "a person" for "a partner". · (b)
  • Pub. L. 99–514, §642(a)(2), substituted "50 percent" for "80 percent". · (b)
  • Pub. L. 99–514, §642(a)(2), substituted "50 percent" for "80 percent". · (b)

1984

  • Pub. L. 98–369 designated existing provisions as par. (1) and added par. (2). · (a)

1976

  • Pub. L. 94–455, §1901(b)(3)(C), substituted "as ordinary income" for "as gain from the sale or exchange of property other than a capital asset". · (b)
  • Pub. L. 94–455, §213(b)(3), substituted "and, subject to section 263, for purposes of section 162(a)" for "and section 162(a)". · (c)

Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.