§ 703. Partnership computations
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/usc/title-26/section-703A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(Aug. 16, 1954, ch. 736, 68A Stat. 240; Pub. L. 89–570, § 2(b), Sept. 12, 1966, 80 Stat. 764; Pub. L. 91–172, title V, § 504(c)(3), Dec. 30, 1969, 83 Stat. 633; Pub. L. 92–178, title III, § 304(c), Dec. 10, 1971, 85 Stat. 523; Pub. L. 94–12, title V, § 501(b)(3), Mar. 29, 1975, 89 Stat. 53; Pub. L. 94–455, title XIX, § 1901(b)(21)(F), title XXI, § 2115(c)(2), Oct. 4, 1976, 90 Stat. 1798, 1909; Pub. L. 95–30, title I, § 101(d)(10), May 23, 1977, 91 Stat. 134; Pub. L. 96–589, § 2(e)(1), Dec. 24, 1980, 94 Stat. 3396;
Pub. L. 99–514, title V, § 511(d)(2)(B), title VII, § 701(e)(4)(E), Oct. 22, 1986, 100 Stat. 2249, 2343; Pub. L. 100–647, title I, § 1008(i), Nov. 10, 1988, 102 Stat. 3445; Pub. L. 103–66, title XIII, § 13150(c)(9), Aug. 10, 1993, 107 Stat. 448.)
Connections6 cite this · traces to 9
Cited by 6 sections · top 5
statutes-at-large
- Public Law 91–169to promote the safety of employees and travelers upon railroads by limiting the hours of service of employees thereon,” approved March 4, 1907
- Public Law 94–12To amend the Internal Revenue Code of 1954 to provide for a refund of 1874 individual income taxes, to increase the low income allowance and the percentage standard deduction, to provide a credit for personal exemptions and a credit for certain earned income, to increase the investment credit and th
- Public Law 95–30To reduce individual and business income taxes and to provide tax simplification and reform
- Public Law 96–589To amend the Internal Revenue Code of 1954 to provide for the tax treatment of bankruptcy, insolvency, and similar proceedings, and for other purposes
- Public Law 94–455To reform the tax laws of the United States
Traces to 9 documents
U.S. Code
- Income from discharge of indebtedness§ 108
- Tax imposed§ 1
- Interest§ 163
- Alternative minimum tax imposed§ 55
- Definitions and special rules§ 2
- Limitations on percentage depletion in case of oil and gas wells§ 613A
- Dividends received by corporations§ 243
- Deduction and recapture of certain mining exploration expenditures§ 617
- Income from sources within the United States§ 861
47 references not yet in our index
- Aug. 16, 1954, ch. 736
- 68A Stat. 240
- Pub. L. 89–570, § 2(b)
- 80 Stat. 764
- Pub. L. 91–172, title V, § 504(c)(3)
- 83 Stat. 633
- Pub. L. 92–178, title III, § 304(c)
- 85 Stat. 523
- Pub. L. 94–12, title V, § 501(b)(3)
- 89 Stat. 53
- Pub. L. 94–455, title XIX, § 1901(b)(21)(F)
- 90 Stat. 1798
- Pub. L. 95–30, title I, § 101(d)(10)
- 91 Stat. 134
- Pub. L. 96–589, § 2(e)(1)
- 94 Stat. 3396
- Pub. L. 99–514, title V, § 511(d)(2)(B)
- 100 Stat. 2249
- Pub. L. 100–647, title I, § 1008(i)
- 102 Stat. 3445
- Pub. L. 103–66, title XIII, § 13150(c)(9)
- 107 Stat. 448
- Pub. L. 103–66
- Pub. L. 100–647
- Pub. L. 99–514
- Pub. L. 96–589
- Pub. L. 95–30
- Pub. L. 94–455, § 2115(c)(2)
- Pub. L. 94–455, § 1901(b)(21)(F)
- Pub. L. 94–12
- Pub. L. 92–178
- Pub. L. 91–172
- Pub. L. 89–570
- section 13150(d) of Pub. L. 103–66
- section 1019(a) of Pub. L. 100–647
- section 511(d)(2)(B) of Pub. L. 99–514
- section 511(e) of Pub. L. 99–514
- section 701(e)(4)(E) of Pub. L. 99–514
- section 701(f) of Pub. L. 99–514
- section 106(a) of Pub. L. 95–30
+ 7 more
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§ 703
Partnership computations
Stat.×6
ActAug. 16, 1954, ch. 736
Stat.68A Stat. 240
Pub. L.Pub. L. 89–570, § 2(b)
Cites 56 · showing 12Cited by 6 across 1 source