Internal Revenue Code · 26 U.S.C.
§ 703. Partnership computations
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 703
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Enacted
- September 12, 1966 by Pub. L. 89–570
- Last amended
- August 10, 1993 by Pub. L. 103–66
- Amendments
- 9 dated changes in the source credit
- Length
- 2 subsections · 361 words · about 2 min to read
- Cross-references
- cites 10; cited by 6 Code sections and 22 other regulations
- Regulations
- 1 issued under this section
(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.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 703
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 10 other sections
- § 702(a) Income and credits of partner
- § 151 Allowance of deductions for personal exemptions
- § 164(a) Taxes
- § 901 Taxes of foreign countries and of possessions of United States
- § 170 Charitable, etc., contributions and gifts
- § 172 Net operating loss deduction
- § 211 Allowance of deductions
- § 611 Allowance of deduction for depletion
- § 108 Income from discharge of indebtedness
- § 617 Deduction and recapture of certain mining exploration expenditures
Cited by 6 Code sections
- § 62(e)(14) Adjusted gross income defined
- § 705(a)(1)(A) Determination of basis of partner’s interest
- § 860C(b)(1)(D) Taxation of residual interests
- § 901(n)(2) Taxes of foreign countries and of possessions of United States
- § 1363(b)(2) Effect of election on corporation
- § 1446(c)(1) Withholding of tax on foreign partners’ share of effectively connected income
Cited in 22 regulations not issued under it
- § 1.45D-1 New markets tax credit.
- § 1.59A-7 Application of base erosion and anti-abuse tax to partnerships.
- § 1.163(j)-6 Application of the section 163(j) limitation to partnerships and subchapter S corporations.
- § 1.167(a)-11 Depreciation based on class lives and asset depreciation ranges for property placed in service after December 31, 1970.
- § 1.168A-1 Amortization of emergency facilities; general rule.
- § 1.169-1 Amortization of pollution control facilities.
- § 1.179-1 Election to expense certain depreciable assets.
- § 1.187-1 Amortization of certain coal mine safety equipment.
- § 1.188-1 Amortization of certain expenditures for qualified on-the-job training and child care facilities.
- § 1.194-2 Amount of deduction allowable.
- § 1.612-3 Depletion; treatment of bonus and advanced royalty.
- § 1.615-6 Election to deduct under section 615.
- § 1.704-1 Partner's distributive share.
- § 1.704-3 Contributed property.
- § 1.705-1 Determination of basis of partner's interest.
- § 1.1020-1 Election as to amounts allowed in respect of depreciation, etc., before 1952.
- § 1.1039-1 Certain sales of low-income housing projects.
- § 1.1402(a)-1 Definition of net earnings from self-employment.
- § 1.1446-2 Determining a partnership's effectively connected taxable income allocable to foreign partners under section 704.
- § 1.6031(a)-1 Return of partnership income.
- § 1.9006-1 Interest and penalties in case of certain taxable years.
- § 12.8 Elections with respect to net leases of real property.
Amendment history
From the source credit and the official notes, newest first.
- Amended by Pub. L. 103–66Parts changed in 1993: (b)(1)
- Amended by Pub. L. 100–647Parts changed in 1988: (b)(1)
- Amended by Pub. L. 99–514Parts changed in 1986: (b)
- Amended by Pub. L. 96–589Parts changed in 1980: (b)
- Amended by Pub. L. 95–30Parts changed in 1977: (a)(2)
- Amended by Pub. L. 94–455Parts changed in 1976: (a)(2)(G) (b)
- Amended by Pub. L. 94–12Parts changed in 1975: (a)(2)(G)
- Amended by Pub. L. 92–178Parts changed in 1971: (b)
- Amended by Pub. L. 91–172Parts changed in 1969: (b)
- Enacted by Pub. L. 89–570Parts changed in 1966: (b)
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter K Partners and Partnerships
- Part I DETERMINATION OF TAX LIABILITY
Nearby sections
Official notes
Show the Law Revision Counsel's notes (amendments, effective dates)
Editorial Notes
Amendments
1993—Subsec. (b)(1). Pub. L. 103–66 substituted “subsection (b)(5) or (c)(3)” for “subsection (b)(5)”.
1988—Subsec. (b)(1). Pub. L. 100–647 substituted “subsection (b)(5)” for “subsection (b)(5) or (d)(4)”.
1986—Subsec. (b). Pub. L. 99–514 struck out former pars. (1) and (3) which related to elections under sections 57(c) and 163(d), respectively, and redesignated former pars. (2), (4), and (5), as pars. (1), (2), and (3), respectively.
1980—Subsec. (b). Pub. L. 96–589 inserted reference to section 108(b)(5) and (d)(4).
1977—Subsec. (a)(2). Pub. L. 95–30 struck out subpar. (A) which made reference to the standard deduction provided in section 141, and redesignated subpars. (B) to (G) as (A) to (F), respectively.
1976—Subsec. (a)(2)(G). Pub. L. 94–455, § 2115(c)(2), substituted “wells” for “production subject to the provisions of section 613A(c)”.
Subsec. (b). Pub. L. 94–455, § 1901(b)(21)(F), struck out “under section 615 (relating to pre-1970 exploration expenditures),” after “of the United States, and any election”.
1975—Subsec. (a)(2)(G). Pub. L. 94–12 added subpar. (G).
1971—Subsec. (b). Pub. L. 92–178 substituted “,” for “or” after “(relating to pre-1970 exploration expenditures)” and inserted “under section 57(c) (relating to definition of net lease), or under section 163(d) (relating to limitation on interest on investment indebtedness)” after “(relating to deduction and recapture of certain mining exploration expenditures)”.
1969—Subsec. (b). Pub. L. 91–172 substituted “(relating to pre-1970 exploration expenditures) or under section 617 (relating to deduction and recapture of certain mining exploration expenditures)” for “(relating to exploration expenditures) or under section 617 (relating to additional exploration expenditures in the case of domestic mining)”.
1966—Subsec. (b). Pub. L. 89–570 provided for election under section 615 (relating to exploration expenditures) or under section 617 (relating to additional exploration expenditures in the case of domestic mining).
Statutory Notes and Related Subsidiaries
Effective Date of 1993 Amendment
Amendment by Pub. L. 103–66 applicable to discharges after Dec. 31, 1992, in taxable years ending after such date, see section 13150(d) of Pub. L. 103–66, set out as a note under section 108 of this title.
Effective Date of 1988 Amendment
Amendment by Pub. L. 100–647 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99–514, to which such amendment relates, see section 1019(a) of Pub. L. 100–647, set out as a note under section 1 of this title.
Effective Date of 1986 Amendment
Amendment by section 511(d)(2)(B) of Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 511(e) of Pub. L. 99–514, set out as a note under section 163 of this title.
Amendment by section 701(e)(4)(E) of Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, with certain exceptions and qualifications, see section 701(f) of Pub. L. 99–514, set out as an Effective Date note under section 55 of this title.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–589 applicable to transactions which occur after Dec. 31, 1980, other than transactions which occur in a proceeding in a bankruptcy case or similar judicial proceeding or in a proceeding under Title 11 commencing on or after Dec. 31, 1980, with an exception permitting the debtor to make the amendment applicable to transactions occurring after Sept. 30, 1979; in a specified manner, see section 7(a)(1), (f) of Pub. L. 96–589, set out as a note under section 108 of this title.
Effective Date of 1977 Amendment
Amendment by Pub. L. 95–30 applicable to taxable years beginning after Dec. 31, 1976, see section 106(a) of Pub. L. 95–30, set out as a note under section 1 of this title.
Effective Date of 1976 Amendment
Amendment by section 1901(b)(21)(F) of Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.
Amendment by section 2115(c)(2) of Pub. L. 94–455 effective on Jan. 1, 1975 and applicable to taxable years ending after Dec. 31, 1974, see section 2115(f) of Pub. L. 94–455, set out as a note under section 613A of this title.
Effective Date of 1975 Amendment
Amendment by Pub. L. 94–12 effective Jan. 1, 1975, to apply to taxable years ending after Dec. 31, 1974, see section 501(c) of Pub. L. 94–12, set out as an Effective Date note under section 613A of this title.
Effective Date of 1969 Amendment
Amendment by Pub. L. 91–172 applicable with respect to exploration expenditures paid or incurred after Dec. 31, 1969, see section 504(d)(1) of Pub. L. 91–172, set out as an Effective Date note under section 243 of this title.
Effective Date of 1966 Amendment
Amendment by Pub. L. 89–570 applicable to taxable years ending after Sept. 12, 1966, but only in respect of expenditures paid or incurred after such date, see section 3 of Pub. L. 89–570, set out as an Effective Date note under section 617 of this title.
Applicability of Certain Amendments by Pub. L. 99–514 in Relation to Treaty Obligations of United States
For applicability of amendment by section 701(e)(4)(E) of Pub. L. 99–514 notwithstanding any treaty obligation of the United States in effect on Oct. 22, 1986, with provision that for such purposes any amendment by title I of Pub. L. 100–647 be treated as if it had been included in the provision of Pub. L. 99–514 to which such amendment relates, see section 1012(aa)(2), (4) of Pub. L. 100–647, set out as a note under section 861 of this title.