Internal Revenue Code:Sec. 754. Manner of electing optional adjustment to basis of partnership property

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter K - Partners and Partnerships
         PART II - CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERS
          Subpart D - Provisions Common to Other Subparts
        

Statute

    Sec. 754. Manner of electing optional adjustment to basis of
        partnership property
 
      If a partnership files an election, in accordance with
    regulations prescribed by the Secretary, the basis of partnership
    property shall be adjusted, in the case of a distribution of
    property, in the manner provided in section 734 and, in the case of
    a transfer of a partnership interest, in the manner provided in
    section 743. Such an election shall apply with respect to all
    distributions of property by the partnership and to all transfers
    of interests in the partnership during the taxable year with
    respect to which such election was filed and all subsequent taxable
    years.  Such election may be revoked by the partnership, subject to
    such limitations as may be provided by regulations prescribed by
    the Secretary.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 251; Pub. L. 94-455, title XIX,
    Sec. 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)
 

Miscellaneous

                                 AMENDMENTS
      1976 - Pub. L. 94-455 struck out ''or his delegate'' after
    ''Secretary'' wherever appearing.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 732, 734, 743 of this
    title.