§357(a) — General rule
42 cases·31 followed·2 distinguished·9 cited—74% support
Statute Text — 26 U.S.C. §357(a)
Except as provided in subsections (b) and (c), if—
the taxpayer receives property which would be permitted to be received under section 351 or 361 without the recognition of gain if it were the sole consideration, and
as part of the consideration, another party to the exchange assumes a liability of the taxpayer,
then such assumption shall not be treated as money or other property, and shall not prevent the exchange from being within the provisions of section 351 or 361, as the case may be.
42 Citing Cases
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
Section 357(a) provides generally that if the taxpayer receives property which would be permitted under section 351 without the recognition of gain, and another party, as part of the consideration, assumes a liability of the taxpayer or acquires from the taxpayer property subject to a liability, then such assumption shall not be treated as money or
The parties agree that the transactions under scrutiny qualify under the nonrecognition provision of section 351, except as that section may be limited by section 357(a) and (c)(1).
The general rule of section 357(a) is subject to the two exceptions set forth in section 357(b) and (c). To paraphrase, section 357(b) provides that an assumption of a taxpayer’s liability under section 357(a) shall be considered money received by the taxpayer for purposes of section 351 if, taking into consideration the nature of the
The general rule of section 357(a) is subject to the two exceptions set forth in section 357(b) and (c). To paraphrase, section 357(b) provides that an assumption of a taxpayer’s liability under section 357(a) shall be considered money received by the taxpayer for purposes of section 351 if, taking into consideration the nature of the
The general rule of section 357(a) is subject to the two exceptions set forth in section 357(b) and (c). To paraphrase, section 357(b) provides that an assumption of a taxpayer’s liability under section 357(a) shall be considered money received by the taxpayer for purposes of section 351 if, taking into consideration the nature of the
The general rule of section 357(a) is subject to the two exceptions set forth in section 357(b) and (c). To paraphrase, section 357(b) provides that an assumption of a taxpayer’s liability under section 357(a) shall be considered money received by the taxpayer for purposes of section 351 if, taking into consideration the nature of the
The general rule of section 357(a) is subject to the two exceptions set forth in section 357(b) and (c). To paraphrase, section 357(b) provides that an assumption of a taxpayer’s liability under section 357(a) shall be considered money received by the taxpayer for purposes of section 351 if, taking into consideration the nature of the