§ 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 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 ,
(B) the deduction for taxes provided in section with respect to taxes, described in section , paid or accrued to foreign countries and to possessions of the United States,
(C) the deduction for charitable contributions provided in section ,
(D) the net operating loss deduction provided in section ,
(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 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 (relating to income from discharge of indebtedness),
(2) section (relating to deduction and recapture of certain mining exploration expenditures), or
(3) section (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.)
Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 703