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Internal Revenue Code · 26 U.S.C.

Subchapter K. Partners and Partnerships

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). The official version is at uscode.house.gov (external site).

  1. Part I DETERMINATION OF TAX LIABILITY §§ 701–709

    1. § 701 Partners, not partnership, subject to tax
    2. § 702 Income and credits of partner
    3. § 703 Partnership computations
    4. § 704 Partner’s distributive share
    5. § 705 Determination of basis of partner’s interest
    6. § 706 Taxable years of partner and partnership
    7. § 707 Transactions between partner and partnership
    8. § 708 Continuation of partnership
    9. § 709 Treatment of organization and syndication fees

  2. Part II CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERS §§ 721–755

    1. Subpart A Contributions to a Partnership §§ 721–724

      1. § 721 Nonrecognition of gain or loss on contribution
      2. § 722 Basis of contributing partner’s interest
      3. § 723 Basis of property contributed to partnership
      4. § 724 Character of gain or loss on contributed unrealized receivables, inventory items, and capital loss property

    2. Subpart B Distributions by a Partnership §§ 731–737

      1. § 731 Extent of recognition of gain or loss on distribution
      2. § 732 Basis of distributed property other than money
      3. § 733 Basis of distributee partner’s interest
      4. § 734 Adjustment to basis of undistributed partnership property where section 754 election or substantial basis reduction
      5. § 735 Character of gain or loss on disposition of distributed property
      6. § 736 Payments to a retiring partner or a deceased partner’s successor in interest
      7. § 737 Recognition of precontribution gain in case of certain distributions to contributing partner

    3. Subpart C Transfers of Interests in a Partnership §§ 741–743

      1. § 741 Recognition and character of gain or loss on sale or exchange
      2. § 742 Basis of transferee partner’s interest
      3. § 743 Special rules where section 754 election or substantial built-in loss

    4. Subpart D Provisions Common to Other Subparts §§ 751–755

      1. § 751 Unrealized receivables and inventory items
      2. § 752 Treatment of certain liabilities
      3. § 753 Partner receiving income in respect of decedent
      4. § 754 Manner of electing optional adjustment to basis of partnership property
      5. § 755 Rules for allocation of basis

  3. Part III DEFINITIONS § 761

    1. § 761 Terms defined

  4. Part IV REPEALED § 771–777

    1. § 771–777 Repealed