I.R.C. § 761(a) Partnership
For purposes of this subtitle, the term “partnership"
includes a syndicate, group, pool, joint venture, or other unincorporated organization
through or by means of which any business, financial operation, or venture is carried
on, and which is not, within the meaning of this title, a corporation or a trust
or estate. Under regulations the Secretary may, at the election of all the members
of an unincorporated organization, exclude such organization from the application
of all or part of this subchapter, if it is availed of—
I.R.C. § 761(a)(1)
for investment purposes only and not for the active conduct of a business,
I.R.C. § 761(a)(2)
for the joint production, extraction, or use of property, but not for the purpose
of selling services or property produced or extracted, or
I.R.C. § 761(a)(3)
by dealers in securities for a short period for the purpose of underwriting, selling,
or distributing a particular issue of securities,
if the income of the members of the organization may be adequately determined without
the computation of partnership taxable income.
I.R.C. § 761(b) Partner
For purposes of this subtitle, the term “partner” means a member of a partnership.
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.
I.R.C. § 761(c) Partnership Agreement
For purposes of this subchapter, a partnership agreement includes any modifications
of the partnership agreement made prior to, or at, the time prescribed by law for
the filing of the partnership return for the taxable year (not including extensions)
which are agreed to by all the partners, or which are adopted in such other manner
as may be provided by the partnership agreement.
I.R.C. § 761(d) Liquidation Of A Partner's Interest
For purposes of this subchapter, the term “liquidation of a partner's interest”
means the termination of a partner's entire interest in a partnership by means of
a distribution, or a series of distributions, to the partner by the partnership.
I.R.C. § 761(e) Distributions Of Partnership Interests Treated As Exchanges
Except as otherwise provided in regulations, for purposes of—
I.R.C. § 761(e)(2)
section 743 (relating to optional adjustment to basis of partnership property), and
I.R.C. § 761(e)(3)
any other provision of this subchapter specified in regulations prescribed by the
Secretary, any distribution of an interest in a partnership (not otherwise treated
as an exchange)
shall be treated as an exchange.
I.R.C. § 761(f) Qualified Joint Venture
I.R.C. § 761(f)(1) In General
In the case of a qualified joint venture conducted by a husband and wife who file
a joint return for the taxable year, for purposes of this title—
I.R.C. § 761(f)(1)(B)
all items of income, gain, loss, deduction, and credit shall be divided between
the spouses in accordance with their respective interests in the venture, and
I.R.C. § 761(f)(1)(C)
each spouse shall take into account such spouse's respective share of such items
as if they were attributable to a trade or business conducted by such spouse as a
I.R.C. § 761(f)(2) Qualified Joint Venture
For purposes of paragraph (1), the term “qualified joint venture” means any joint
venture involving the conduct of a trade or business if—
I.R.C. § 761(f)(2)(B)
both spouses materially participate
(within the meaning of section 469(h) without regard to paragraph (5) thereof) in such trade or business, and
I.R.C. § 761(g) Cross Reference
For rules in the case of the sale, exchange, liquidation, or reduction of a partner's
interest, see sections 704(b) and 706(c)(2).
(Aug. 16, 1954, ch. 736, 68A Stat. 252; Oct. 4, 1976,
Pub. L. 94-455, title II, 213(c)(3)(B), title XIX, 1906(b)(13)(A), 90 Stat. 1548, 1834;
Apr. 1, 1980, Pub. L. 96-222, title I, 102(a)(2)(C), 94 Stat. 208; July 18, 1984, Pub. L. 98-369, div. A, title I, 75(b), 98 Stat. 594; Oct. 22, 1986, Pub. L. 99-514, title XVIII, 1805(c)(2), 100 Stat. 2810;
May 25, 2007, Pub. L. 110-28, title VIII, Sec. 8215(a), 121 Stat. 112; Pub. L. 114-74, title XI, Sec. 1102(a), Nov. 2, 2015.)
2015--Subsec. (b). Pub. L. 114-74, Sec 1102(a), amended subsec.
(b) by adding the last sentence.
2007--Subsec. (f)-(g). Pub. L. 110-28, Sec. 8215(a), redesignated subsec. (f)
as subsec. (g) and added a new subsec. (f).
1986--Subsec. (e). Pub. L. 99-514 substituted “Distributions of partnership interests” for “Distributions” in heading,
“Except as otherwise provided in regulations, for purposes of” for
“For purposes of” in introductory provision, and “any distribution of an interest
in a partnership” for “any distribution” in closing provisions.
1984--Subsecs. (e), (f). Pub. L. 98-369 added subsec. (e)
and redesignated former subsec. (e) as (f).
1980--Subsec. (a)(3). Pub. L. 96-222 added par. (3).
1976--Subsec. (a). Pub. L. 94-455, 1906(b)(13)(A), struck out “or his delegate” after “Secretary”.
Subsec. (e). Pub. L. 94-455, 213(c)(3)(B), added subsec. (e).
EFFECTIVE DATE OF 2015 AMENDMENT
Amendment by Pub. L. 114-74, Sec. 1102(a), is effective for partnership taxable years beginning after December
EFFECTIVE DATE OF 2007 AMENDMENTS
Amendments by Pub. L. 110-28, Sec. 8215(a), effective for taxable years beginning after December 31, 2006.
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by Pub. L. 99-514 effective, except as otherwise provided, as if included in the provisions of the
Tax Reform Act of 1984, Pub. L. 98-369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99-514, set out as a note under section 48 of this title.
EFFECTIVE DATE OF 1984 AMENDMENT
Amendment by Pub. L. 98-369 applicable to distributions, sales, and exchanges made after Mar. 31, 1984, in taxable
years ending after such date, see section 75(e) of Pub. L. 98-369, set out as an Effective Date note under section 386 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96-222 effective, except as otherwise provided, as if it had been included in the provisions
of the Revenue Act of 1978, Pub. L. 95-600, to which such amendment relates, see section 201 of Pub. L. 96-222, set out as a note under section 32 of this title.
EFFECTIVE DATE OF 1976 AMENDMENT
Amendment by section 213(c)(3)(B) of Pub. L. 94-455 applicable in the case of partnership taxable years beginning after Dec. 31, 1975,
see section 213(f)(1) of Pub. L. 94-455, set out as a note under section 709 of this title.
[771. Repealed. Pub. L. 94-455, title XIX, 1901(a)(94), Oct. 4, 1976, 90 Stat. 1780]
Section, act Aug. 16, 1954, ch. 736, 68A Stat. 253, which related to the effective
date for this subchapter, was repealed along with the part heading and section analysis
for item 771, which made up part IV of this subchapter.