26 U.S.C. § 1241
§ 1241. Cancellation of lease or distributor’s agreement
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Unchanged since the 1954 code.
Every change, newest first (1)
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.