26 U.S.C. § 703
Partnership computations
# (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— (1) the items described in section 702(a) shall be separately stated, and (2) the following deductions shall not be allowed to the partnership: (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— (1) subsection (b)(5) or (c)(3) of section 108 (relating to income from discharge of indebtedness), (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.
Source: view the official text
Cited by 35
- 26 CFR § 1.1020-1 — Election as to amounts allowed in respect of depreciation, etc., before 1952.
- 26 CFR § 1.1039-1 — Certain sales of low-income housing projects.
- 26 CFR § 1.1402(a)-1 — Definition of net earnings from self-employment.
- 26 CFR § 1.1402(a)-2 — Computation of net earnings from self-employment.
- 26 CFR § 1.1446-2 — Determining a partnership's effectively connected taxable income allocable to foreign partners under section 704.
- 26 CFR § 1.163(j)-2 — Deduction for business interest expense limited.
- 26 CFR § 1.163(j)-6 — Application of the section 163(j) limitation to partnerships and subchapter S corporations.
- 26 CFR § 1.167(a)-11 — Depreciation based on class lives and asset depreciation ranges for property placed in service after December 31, 1970.
- 26 CFR § 1.168A-1 — Amortization of emergency facilities; general rule.
- 26 CFR § 1.169-1 — Amortization of pollution control facilities.
- 26 CFR § 1.179-1 — Election to expense certain depreciable assets.
- 26 CFR § 1.187-1 — Amortization of certain coal mine safety equipment.
Show 23 more
- 26 CFR § 1.188-1 — Amortization of certain expenditures for qualified on-the-job training and child care facilities.
- 26 CFR § 1.194-2 — Amount of deduction allowable.
- 26 CFR § 1.263A-1 — Uniform capitalization of costs.
- 26 CFR § 1.45D-1 — New markets tax credit.
- 26 CFR § 1.460-3 — Long-term construction contracts.
- 26 CFR § 1.471-1 — Need for inventories.
- 26 CFR § 1.59A-7 — Application of base erosion and anti-abuse tax to partnerships.
- 26 CFR § 1.6031(a)-1 — Return of partnership income.
- 26 CFR § 1.612-3 — Depletion; treatment of bonus and advanced royalty.
- 26 CFR § 1.615-6 — Election to deduct under section 615.
- 26 CFR § 1.704-1 — Partner's distributive share.
- 26 CFR § 1.704-3 — Contributed property.
- 26 CFR § 1.705-1 — Determination of basis of partner's interest.
- 26 CFR § 1.743-1 — Optional adjustment to basis of partnership property.
- 26 CFR § 1.9006-1 — Interest and penalties in case of certain taxable years.
- 26 CFR § 1.987-1 — Scope, definitions, and special rules.
- 26 CFR § 12.8 — Elections with respect to net leases of real property.
- 26 U.S.C. § 1363 — Effect of election on corporation
- 26 U.S.C. § 1446 — Withholding of tax on foreign partners’ share of effectively connected income
- 26 U.S.C. § 62 — Adjusted gross income defined
- 26 U.S.C. § 705 — Determination of basis of partner’s interest
- 26 U.S.C. § 860C — Taxation of residual interests
- 26 U.S.C. § 901 — Taxes of foreign countries and of possessions of United States
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