Internal Revenue Code:Sec. 1241. Cancellation of lease or distributor's agreement

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Contents


Location in Internal Revenue Code


     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle A - Income Taxes
       CHAPTER 1 - NORMAL TAXES AND SURTAXES
        Subchapter P - Capital Gains and Losses
         PART IV - SPECIAL RULES FOR DETERMINING CAPITAL GAINS AND LOSSES
       

Statute

    Sec. 1241. Cancellation of lease or distributor's agreement
 
      Amounts received by a lessee for the cancellation of a lease, or
    by a distributor of goods for the cancellation of a distributor's
    agreement (if the distributor has a substantial capital investment
    in the distributorship), shall be considered as amounts received in
    exchange for such lease or agreement.
 

Sources

    (Aug. 16, 1954, ch. 736, 68A Stat. 333.)
 

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