26 U.S.C. § 703 : US Code - Section 703: Partnership computations

Search 26 U.S.C. § 703 : US Code - Section 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.