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Treasury Regulations (26 C.F.R.)

26 CFR § 1.1502-12

Separate taxable income.

Official textecfr.govlast amended 21 subsections

The separate taxable income of a member (including a case in which deductions exceed gross income) is computed in accordance with the provisions of the Code covering the determination of taxable income of separate corporations, subject to the following modifications:

# (a)

Transactions between members and transactions with respect to stock, bonds, or other obligations of members shall be reflected according to the provisions of § 1.1502-13;

# (b)

Any deduction that is disallowed under § 1.1502-15 must be taken into account as provided in that section.

# (c)

The limitation on deductions provided in section 615(c) or section 617(h) shall be taken into account as provided in § 1.1502-16;

# (d)

The method of accounting under which such computation is made and the adjustments to be made because of any change in method of accounting shall be determined under § 1.1502-17;

# (e)

[Reserved]

# (f)

Any amount included in income under § 1.1502-19 shall be taken into account;

# (g)

[Reserved]

# (h)

No net operating loss deduction shall be taken into account;

# (i)

[Reserved]

# (j)

No capital gains or losses shall be taken into account;

# (k)

No gains and losses subject to section 1231 shall be taken into account;

# (l)

No deduction under section 170 with respect to charitable contributions shall be taken into account;

# (m)

[Reserved]

# (n)

No deduction under section 243(a)(1) or section 245 (relating to deductions with respect to dividends received) is taken into account;

# (o)

Basis shall be determined under §§ 1.1502-31 and 1.1502-32, and earnings and profits shall be determined under § 1.1502-33; and

# (p)

The limitation on deductions provided in section 613A shall be taken into account for each member's oil and gas properties as provided in § 1.1502-44.

# (q)

[Reserved]

# (r)

See §§ 1.337(d)-2, 1.1502-35, and 1.1502-36 for rules relating to basis adjustments and allowance of stock loss on dispositions or transfers of subsidiary stock.

# (s)

See § 1.1502-51 for rules relating to the computation of a member's GILTI inclusion amount under section 951A and related basis adjustments.

# (t)

See § 1.1502-50 for rules relating to the computation of a member's deduction under section 250.

(Secs. 1502 and 7805 of the Internal Revenue Code of 1954 (68A Stat. 637; 917; 26 U.S.C. 1502, 7805))

[T.D. 6894, 31 FR 11794, Sept. 8, 1966]

Editorial Note:

For Federal Register citations affecting § 1.1502-12, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and at www.govinfo.gov.

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In this part (40 sections)
  1. 1.1471-6 · Payments beneficially owned by exempt beneficial owners.
  2. 1.1472-1 · Withholding on NFFEs.
  3. 1.1473-1 · Section 1473 definitions.
  4. 1.1474-1 · Liability for withheld tax and withholding agent reporting.
  5. 1.1474-2 · Adjustments for overwithholding or underwithholding of tax.
  6. 1.1474-3 · Withheld tax as credit to beneficial owner of income.
  7. 1.1474-4 · Tax paid only once.
  8. 1.1474-5 · Refunds or credits.
  9. 1.1474-6 · Coordination of chapter 4 with other withholding provisions.
  10. 1.1474-7 · Confidentiality of information.
  11. 1.1481-1 · [Reserved]
  12. 1.1502-0 · Effective/applicability dates.
  13. 1.1502-1 · Definitions.
  14. 1.1502-2 · Computation of tax liability.
  15. 1.1502-3 · Consolidated tax credits.
  16. 1.1502-4 · Consolidated foreign tax credit.
  17. 1.1502-5 · Estimated tax.
  18. 1.1502-6 · Liability for tax.
  19. 1.1502-9 · Consolidated overall foreign losses, separate limitation…
  20. 1.1502-11 · Consolidated taxable income.
  21. 1.1502-12 · Separate taxable income.
  22. 1.1502-13 · Intercompany transactions.
  23. 1.1502-14Z · Application of opportunity zone rules to members of a…
  24. 1.1502-15 · SRLY limitation on built-in losses.
  25. 1.1502-16 · Mine exploration expenditures.
  26. 1.1502-17 · Methods of accounting.
  27. 1.1502-19 · Excess loss accounts.
  28. 1.1502-21 · Net operating losses.
  29. 1.1502-22 · Consolidated capital gain and loss.
  30. 1.1502-23 · Consolidated net section 1231 gain or loss.
  31. 1.1502-24 · Consolidated charitable contributions deduction.
  32. 1.1502-26 · Consolidated dividends received deduction.
  33. 1.1502-28 · Consolidated section 108.
  34. 1.1502-30 · Stock basis after certain triangular reorganizations.
  35. 1.1502-31 · Stock basis after a group structure change.
  36. 1.1502-32 · Investment adjustments.
  37. 1.1502-33 · Earnings and profits.
  38. 1.1502-34 · Special aggregate stock ownership rules.
  39. 1.1502-35 · Transfers of subsidiary stock and deconsolidations of…
  40. 1.1502-36 · Unified loss rule.
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