Related Party Transaction

Related Party Transaction means:
an interaction between two parties, one of whom can exercise control or significant influence over the operating policies of the other. Losses on the sale or trade of property between related parties, other than a distribution in complete liquidation of a corporation, are not deductible. Under the like-kind exchange rules, if either of the related parties disposes of the like-kind property within 2 years after the exchange, the gain or loss on the exchange must be recognized. See also attribution rules. Former IRC (check if this IRC provision is current here) §267.