Irs Section 721
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Taxable as corporations and section 721 which applies to transfers of property to entities taxable as partnerships as more or less identical provisions that produce substantially similar federal income tax consequences.
Irs section 721. Nonrecognition of gain or loss on contribution. Nonrecognition of gain or loss on contribution on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Nonrecognition of gain or loss on contribution.
No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership. Irs 721 721 exchange allows a taxpayer to exchange rental or investment real estate ultimately for shares in a real estate investment trust reit. Special rules apply to the use of retirement funds by qualified individuals who suffered an economic loss because of a disaster.
The transaction provides investors with a way of increasing their liquidity and diversification of their real estate investments while deferring very costly capital gains and depreciation recapture taxes that may result from the sale of properties. Law and analysis section 721 a generally provides that no gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership. 721 b special rule.
721 a general rule. Section 721 of the internal revenue code allows an investor to exchange property held for investment or business purposes for shares in a real estate investment trust reit or an operating partnership without triggering a taxable event. Owning shares in a reit provides the benefit of a diversified real estate holding portfolio professional management and liquidity.
Internal revenue code 721. No gain or loss shall be recognized to a partnership or to any of its partners in the case of a contribution of property to the partnership in exchange for an interest in the partnership. For the latest information about developments related to pub.
For more detailed codes research information including annotations and citations please visit westlaw. 721 such as legislation enacted after it was published go to irs gov pub721. This is called a 721 exchange also known as an upreit or 1031 721 exchange.
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