Cases: Gershkowitz v. Commissioner, 88 T.C. 984 (1987)
Final rules 3
(a) General rule In determining his income tax, each partner shall take into account separately his distributive share of the partnership’s—
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, §§ 1901(b)(1)(I)(i), 1906(b)(13)(A), redesignated pars. (8) and (9) as (7) and (8), respectively, and in par. (7), as so redesignated, struck out “or his delegate” after “Secretary”. Former par. (7), which related to partially tax-exempt interest on obligations of the United States or its instrumentalities, was struck out.
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(1) gains and losses from sales or exchanges of capital assets held for not more than 1 year,
Amended 1976, 1984
- 1984 Pub. L. 98-369 Pub. L. 98–369 substituted “6 months” for “1 year”, applicable to property acquired after June 22, 1984, and before Jan. 1, 1988. See Effective Date of 1984 Amendment note below.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1402(b)(1)(L), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.
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(2) gains and losses from sales or exchanges of capital assets held for more than 1 year,
Amended 1976, 1984
- 1984 Pub. L. 98-369 Pub. L. 98–369 substituted “6 months” for “1 year”, applicable to property acquired after June 22, 1984, and before Jan. 1, 1988. See Effective Date of 1984 Amendment note below.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1402(b)(2), provided that “9 months” would be changed to “1 year”.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1402(b)(1)(L), provided that “6 months” would be changed to “9 months” for taxable years beginning in 1977.
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(3) gains and losses from sales or exchanges of property described in section 1231 (relating to certain property used in a trade or business and involuntary conversions),
(4) charitable contributions (as defined in section 170(c)),
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(5) dividends with respect to which section 1(h)(11) or part VIII of subchapter B applies,
Amended 1964, 1980, 1981, 1983, 1986, 2003
- 2003 Pub. L. 108-27 Pub. L. 108–27 amended par. (5) generally. Prior to amendment, par. (5) read as follows: “dividends with respect to which there is a deduction under part VIII of subchapter B,”.
- 1986 Pub. L. 99-514 Pub. L. 99–514 amended par. (5) generally. Prior to amendment, par. (5) read as follows: “dividends or interest with respect to which there is an exclusion under section 116 or 128, or a deduction under part VIII of subchapter B,”.
- 1983 Pub. L. 97-448 Pub. L. 97–448 substituted “an exclusion under section 116 or 128,” for “provided an exclusion under section 116 or 128”.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 301(b)(6)(C), inserted reference to “interest” in heading and text which continued the amendment made by Pub. L. 96–223.
- 1981 Pub. L. 97-34 Pub. L. 97–34, § 301(b)(5), inserted “or 128” after “section 116”.
- 1980 Pub. L. 96-223 Pub. L. 96–223 inserted “or interest” after “dividends”.
- 1964 Pub. L. 88-272 Pub. L. 88–272 struck out “a credit under section 34,” before “an exclusion”.
(6) taxes, described in section 901, paid or accrued to foreign countries and to possessions of the United States,
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(7) other items of income, gain, loss, deduction, or credit, to the extent provided by regulations prescribed by the Secretary, and
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, §§ 1901(b)(1)(I)(i), 1906(b)(13)(A), redesignated pars. (8) and (9) as (7) and (8), respectively, and in par. (7), as so redesignated, struck out “or his delegate” after “Secretary”. Former par. (7), which related to partially tax-exempt interest on obligations of the United States or its instrumentalities, was struck out.
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(8) taxable income or loss, exclusive of items requiring separate computation under other paragraphs of this subsection.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, §§ 1901(b)(1)(I)(i), 1906(b)(13)(A), redesignated pars. (8) and (9) as (7) and (8), respectively, and in par. (7), as so redesignated, struck out “or his delegate” after “Secretary”. Former par. (7), which related to partially tax-exempt interest on obligations of the United States or its instrumentalities, was struck out.
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(b) Character of items constituting distributive share The character of any item of income, gain, loss, deduction, or credit included in a partner’s distributive share under paragraphs (1) through (7) of subsection (a) shall be determined as if such item were realized directly from the source from which realized by the partnership, or incurred in the same manner as incurred by the partnership.
Amended 1976
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(b)(1)(I)(ii), substituted “paragraphs (1) through (7)” for “paragraphs (1) through (8)”.
Cases: Brannen v. Commissioner, 78 T.C. 471 (1982)
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(c) Gross income of a partner In any case where it is necessary to determine the gross income of a partner for purposes of this title, such amount shall include his distributive share of the gross income of the partnership.
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(d) Cross reference For rules relating to procedures for determining the tax treatment of partnership items see subchapter C of chapter 63 (section 6221 and following).
Amended 1982
- 1982 Pub. L. 97-248 Pub. L. 97–248 added subsec. (d).