(a) Income and deductions The taxable income of a partnership shall be computed in the same manner as in the case of an individual except that—
Cases: Brannen v. Commissioner, 78 T.C. 471 (1982)
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(1) the items described in section 702(a) shall be separately stated, and
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(2) the following deductions shall not be allowed to the partnership:
Amended 1975, 1976, 1977
- 1977 Pub. L. 95-30 Pub. L. 95–30 struck out subpar. (A) which made reference to the standard deduction provided in section 141, and redesignated subpars. (B) to (G) as (A) to (F), respectively.
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 2115(c)(2), substituted “wells” for “production subject to the provisions of section 613A(c)”.
- 1975 Pub. L. 94-12 Pub. L. 94–12 added subpar. (G).
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(A) the deductions for personal exemptions provided in section 151,
(B) the deduction for taxes provided in section 164(a) with respect to taxes, described in section 901, paid or accrued to foreign countries and to possessions of the United States,
(C) the deduction for charitable contributions provided in section 170,
(D) the net operating loss deduction provided in section 172,
(E) the additional itemized deductions for individuals provided in part VII of subchapter B (sec. 211 and following), and
(F) the deduction for depletion under section 611 with respect to oil and gas wells.
(b) Elections of the partnership Any election affecting the computation of taxable income derived from a partnership shall be made by the partnership, except that any election under—
Amended 1966, 1969, 1971, 1976, 1980, 1986
- 1986 Pub. L. 99-514 Pub. L. 99–514 struck out former pars. (1) and (3) which related to elections under sections 57(c) and 163(d), respectively, and redesignated former pars. (2), (4), and (5), as pars. (1), (2), and (3), respectively.
- 1980 Pub. L. 96-589 Pub. L. 96–589 inserted reference to section 108(b)(5) and (d)(4).
- 1976 Pub. L. 94-455 Pub. L. 94–455, § 1901(b)(21)(F), struck out “under section 615 (relating to pre-1970 exploration expenditures),” after “of the United States, and any election”.
- 1971 Pub. L. 92-178 Pub. L. 92–178 substituted “,” for “or” after “(relating to pre-1970 exploration expenditures)” and inserted “under section 57(c) (relating to definition of net lease), or under section 163(d) (relating to limitation on interest on investment indebtedness)” after “(relating to deduction and recapture of certain mining exploration expenditures)”.
- 1969 Pub. L. 91-172 Pub. L. 91–172 substituted “(relating to pre-1970 exploration expenditures) or under section 617 (relating to deduction and recapture of certain mining exploration expenditures)” for “(relating to exploration expenditures) or under section 617 (relating to additional exploration expenditures in the case of domestic mining)”.
- 1966 Pub. L. 89-570 Pub. L. 89–570 provided for election under section 615 (relating to exploration expenditures) or under section 617 (relating to additional exploration expenditures in the case of domestic mining).
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(1) subsection (b)(5) or (c)(3) of section 108 (relating to income from discharge of indebtedness),
Amended 1988, 1993
- 1993 Pub. L. 103-66 Pub. L. 103–66 substituted “subsection (b)(5) or (c)(3)” for “subsection (b)(5)”.
- 1988 Pub. L. 100-647 Pub. L. 100–647 substituted “subsection (b)(5)” for “subsection (b)(5) or (d)(4)”.
(2) section 617 (relating to deduction and recapture of certain mining exploration expenditures), or
(3) section 901 (relating to taxes of foreign countries and possessions of the United States),
shall be made by each partner separately.