United States Code
26 U.S.C. § 703
Partnership computations
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Sign in to follow →Bills that would change it 9
- S 2444 End Polluter Welfare Act of 2025 Amends 703(b) · introduced · 119th Congress
- HR 4714 End Polluter Welfare Act of 2025 Amends 703(b) · introduced · 119th Congress
- HR 8554 End Polluter Welfare Act of 2024 Amends 703(b) · introduced · 118th Congress
- S 1226 A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other pu... Amends 703(a)(2) · introduced · 118th Congress
- HR 2102 End Polluter Welfare Act of 2021 Amends 703(b) · introduced · 117th Congress
- S 1167 End Polluter Welfare Act of 2021 Amends 703(b) · introduced · 117th Congress
- S 126 A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other pu... Amends 703(a)(2) · introduced · 117th Congress
- S 1162 A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other pu... Amends 703(a)(2) · introduced · 116th Congress
- S 2687 A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other pu... Amends 703(a)(2) · introduced · 115th Congress
The law today
From the official United States Code, current through Public Law 119-121.
(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.
Official text at uscode.house.gov ↗