Definition of Section 721 Contingent Obligation


Section 721 Contingent Obligation means any obligation that is not a "liability", within the meaning of Treasury Regulation Section 1.752-1(a)(1) or any successor thereto, and that is assumed by the Partnership as property is transferred to the Partnership or to which property that is transferred to the Partnership is subject, in each case in a transaction that is described in Section 721(a) of the Code.