§ 702. Income and credits of partner
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(a)General rule In determining his income tax, each partner shall take into account separately his distributive share of the partnership’s—
(1)gains and losses from sales or exchanges of capital assets held for not more than 1 year,
(2)gains and losses from sales or exchanges of capital assets held for more than 1 year,
(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)),
(5)dividends with respect to which section 1(h)(11) or part VIII of subchapter B applies,
(6)taxes, described in section 901, paid or accrued to foreign countries and to possessions of the United States,
(7)other items of income, gain, loss, deduction, or credit, to the extent provided by regulations prescribed by the Secretary, and
(8)taxable income or loss, exclusive of items requiring separate computation under other paragraphs of this subsection.
(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.
(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.
(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).
(Aug. 16, 1954, ch. 736, 68A Stat. 239; Pub. L. 88–272, title II, § 201(d)(7), Feb. 26, 1964, 78 Stat. 32; Pub. L. 94–455, title XIV, § 1402(b)(1)(L), (2), title XIX, §§ 1901(b)(1)(I)(i), (ii), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1732, 1791, 1834; Pub. L. 96–223, title IV, § 404(b)(5), Apr. 2, 1980, 94 Stat. 307; Pub. L. 97–34, title III, § 301(b)(5), (6)(C), Aug. 13, 1981, 95 Stat. 270; Pub. L. 97–248, title IV, § 402(c)(1), Sept. 3, 1982, 96 Stat. 667; Pub. L. 97–448, title I, § 103(a)(4), Jan. 12, 1983, 96 Stat. 2375;
Pub. L. 98–369, div. A, title X, § 1001(b)(9), (e), July 18, 1984, 98 Stat. 1011, 1012; Pub. L. 99–514, title VI, § 612(b)(5), Oct. 22, 1986, 100 Stat. 2250; Pub. L. 108–27, title III, § 302(e)(8), May 28, 2003, 117 Stat. 764.)
Connections29 cite this · traces to 9
Cited by 29 sections · top 27
U.S. Code
- § 403Reduction of insurance benefits
- § 1346United States as defendant
- § 6501Limitations on assessment and collection
- § 6213Restrictions applicable to deficiencies; petition to Tax Court
- § 6511Limitations on credit or refund
- § 6031Return of partnership income
- § 7422Civil actions for refund
- § 6512Limitations in case of petition to Tax Court
- § 7482Courts of review
- § 6504Cross references
- § 7456Administration of oaths and procurement of testimony
- § 7451Petitions
- § 6422Cross references
- § 7459Reports and decisions
- § 1508Jurisdiction for certain partnership proceedings
- § 7485Bond to stay assessment and collection
- § 6515Cross references
- § 6216Cross references
statutes-at-large
- Public Law 89–97
- Public Law 880
- Public Law 88–272
- Public Law 97–448To make technical corrections in the Economic Recovery Tax Act of 1981 and certain other recent tax legislation
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 96–223To impose a windfall profit tax on domestic crude oil, and for other purposes
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
- Public Law 97–248To provide for tax equity and fiscal responsibility, and for other purposes
- Public Law 94–455To reform the tax laws of the United States
Traces to 9 documents
U.S. Code
- Tax imposed§ 1
- Distributions of property§ 301
- Bad debts§ 166
- Jurisdiction for certain partnership proceedings§ 1508
- United States as defendant§ 1346
- Return of partnership income§ 6031
- Expenses and interest relating to tax-exempt income§ 265
- Definitions and special rules§ 2
- Credit for the elderly and the permanently and totally disabled§ 22
51 references not yet in our index
- Aug. 16, 1954, ch. 736
- 68A Stat. 239
- Pub. L. 88–272, title II, § 201(d)(7)
- 78 Stat. 32
- Pub. L. 94–455, title XIV, § 1402(b)(1)(L)
- 90 Stat. 1732
- Pub. L. 96–223, title IV, § 404(b)(5)
- 94 Stat. 307
- Pub. L. 97–34, title III, § 301(b)(5)
- 95 Stat. 270
- Pub. L. 97–248, title IV, § 402(c)(1)
- 96 Stat. 667
- Pub. L. 97–448, title I, § 103(a)(4)
- 96 Stat. 2375
- Pub. L. 98–369, div. A, title X, § 1001(b)(9)
- 98 Stat. 1011
- Pub. L. 99–514, title VI, § 612(b)(5)
- 100 Stat. 2250
- Pub. L. 108–27, title III, § 302(e)(8)
- 117 Stat. 764
- Pub. L. 108–27
- Pub. L. 99–514
- Pub. L. 98–369
- Pub. L. 97–448
- Pub. L. 97–248
- Pub. L. 97–34, § 301(b)(6)(C)
- Pub. L. 96–223
- Pub. L. 97–34, § 301(b)(5)
- Pub. L. 94–455, § 1402(b)(2)
- Pub. L. 94–455, § 1402(b)(1)(L)
- Pub. L. 94–455
- Pub. L. 94–455, § 1901(b)(1)(I)(ii)
- Pub. L. 88–272
- section 302(f) of Pub. L. 108–27
- section 612(c) of Pub. L. 99–514
- section 1001(e) of Pub. L. 98–369
- Pub. L. 97–34
- section 109 of Pub. L. 97–448
- Pub. L. 97–248, title IV, § 407(a)
- 96 Stat. 670
+ 11 more
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§ 702
Income and credits of partner
U.S.C.×18
Stat.×11
ActAug. 16, 1954, ch. 736
Stat.68A Stat. 239
Pub. L.Pub. L. 88–272, title II, § 201(d)(7)
Cites 60 · showing 12Cited by 29 across 2 sources