Treatment of certain liabilities
United States Code
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How this statute sits in the citation network, derived from CiteLaw's graph of published opinions.
★Highly CitedTop 5% most-cited · cited by 36 decisions
36
Citing decisions
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Courts citing this statute
Most recently cited by10
- 2018NTD I, LLC v. Alliant Asset Mgmt. Co. E.D. Mo.
- 2016Nippon Paper Industries USA Co. v. United States Fed. Cl.
- 2015Kearney Partners Fund, LLC ex rel. Lincoln Partners Fund, LLC v. United States 11th Cir.
- 2014NPR Investments, L.L.C. ex rel. Roach v. United States 5th Cir.
- 2014Albemarle Corp. & Subsidiaries v. United States Fed. Cl.
- 2013Nevada Partners Fund, L.L.C. v. United States 5th Cir.
- 2012Massachusetts Mutual Life Insurance v. United States Fed. Cl.
- 2011Southgate Master Fund, L.L.C. ex rel. Montgomery Capital Advisors, LLC v. United States 5th Cir.
- 2011Candyce Martin 1999 Irrevocable Trust v. United States N.D. Cal.
- 2010Stobie Creek Investments LLC v. United States Fed. Cir.
Counts reflect decisions in the CiteLaw corpus and may lag very recent opinions.
Text
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. 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. 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. 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. Section 752 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (and the regulations prescribed thereunder) shall be applied without regard to the result reached in the case of Raphan vs the United States, 3 Cl. Ct. 457 (1983). In amending the regulations prescribed under section 752 of such Code to reflect subsection (a), the Secretary of the Treasury or his delegate shall prescribe regulations relating to liabilities, including the treatment of guarantees, assumptions, indemnity agreements, and similar arrangements.” (Source: (Aug. 16, 1954, ch. 736, 68A Stat. 251.))