Taxable Years Beginning in 1945 Sec. 183. (a) General rule. Same as 1944. Taxable Years Beginning in 1944 Sec. 183. (a) General rule.The net income of the partnership shall be computed in the same manner and on the same basis as in the case of an individual, except as provided in subsections (b) and (e) (b), (c), and (d). Sec. 183 (a), I. R. C., supra, amended by Sec. 9 (c) (1), I. I. T. A. of 1944, by omitting language in stricken-through type of adding language in italics. Sec. 2 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1943. Taxable Years Beginning before 1944 Sec. 183. (a) General rule. Section originated 1918 as Second Edition, p. 132, Sec. 183. (b) Segregation of items. Sec. 183. (b) (1) Capital gains and losses. Same as 1944. Sec. 183. (b) (2) Ordinary net income or loss. Same as 1944. Sec. 183. (c) Charitable contributions. Same as 1944. Sec. 183. (d) Standard deduction. Same as 1944. Sec. 183. (b) Segregation of items. Sec. 183. (b) (1) Capital gains and losses.-There shall be segregated the gains and losses from sales or exchanges of capital as sets. Sec. 183. (b) (2) Ordinary net income or loss.-After excluding all items of gain and loss from sales or exchanges of capital assets, there shall be computed (A) An ordinary net income which shall consist of the excess of the gross income over the deductions; or (B) An ordinary net loss which shall consist of the excess of the deductions over the gross income. Sec. 183. (c) Charitable contributions. In computing the net income of the partnership the socalled "charitable contribution" deduction allowed by section 23 (0) shall not be allowed; but each partner shall be considered as having made payment, within his taxable year, of his distributive portion of any contribution or gift, payment of which was made by the partnership within its taxable year, of the character which would be allowed to the partnership as a deduction under such section if this subsection had not been enacted. Sec. 183. (d) Standard deduction.-In computing the net income of the partnership, the standard deduction provided in section 23 (aa) shall not be allowed. Sec. 183. (b) Segregation of items. Sec. 183. (b) (1) Capital gains and losses. Section originated 1921 as For any amendments prior to Second Edition, p. 54, Eighth Edition, pp. 287, 296, 299, Sec. 183. (b) (2) Ordinary net income or loss. Section originated 1921 as Second Edition, p. 54, Sec. 183. (c) Charitable contributions. Section originated 1918 as Second Edition, p. 132, Taxable Years Beginning in 1949 Taxable Years Beginning in 1948 Taxable Years Beginning in 1946 and 1947 Sec. 184. Credits against net income. The partner shall, for the purpose of the normal tax, be allowed as a credit against his net income in addition to the credits allowed to him under section 25, his proportionate share of such amount (not in excess of the net income of the partnership) of interest specified in section 25 (a) as are received by the partnership. If the partnership elects under section 125 to treat the premium on bonds, the interest on which is allowable as a credit under section 25 (a) (1) or (2), as amortizable, for the purposes of the preceding sentence the partner's proportionate share of the interest received by the partnership shall be his proportionate share of such interest (determined without regard to this sentence) reduced by so much of the deduction under section 23 (v) as is attributable to such share. Sec. 184. Credits against net income. Same as 1944. Sec. 184. Credits against net income. Same as 1944. Sec. 186. Taxes of foreign countries and possessions of United States. The amount of income, war-profits, and excess-profits taxes imposed by foreign countries or possessions of the United States shall be allowed as a credit against the tax of the member of a partnership to the extent provided in section 131. Sec. 187. Partnership returns. Every partnership shall make a turn for each taxable year, stating specifically the items of its gross income and the deductions allowed by this chapter and such other information for the purpose of carrying out the provisions of this chapter as the Commissioner with the ap Sec. 186. Taxes of foreign Sec. 186. Taxes of foreign countries and possession of countries and United States. United States. Same as 1944. Sec. 187. Partnership returns. Same as 1944. possessions Same as 1944. of Sec. 187. Partnership returns. Same as 1944. Taxable Years Beginning in 1945 Sec. 184. Credits against net income. Same as 1944. Sec. 186. Taxes of foreign countries and possessions of United States. Same as 1944. Sec. 187. Partnership returns. Same as 1944. Taxable Years Beginning in 1944 Sec. 183 (d), I. R. C., supra, added to I. R. C. by Sec. 9 (c) (2), I. I. T. A. of 1944. Sec. 2 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1943. Sec. 184. Credits against net income. The partner shall, for the purpost of the normal tax, be allowed as a credit against his net income in addition to the credits allowed to him under section 25, his proportionate share of such amount (not in excess of the net income of the partnership) of interest specified in section 25 (a) as are received by the partnership. If the partnership elects under section 125 to treat the premium on bonds, the interest on which is allowable as a credit under section 25 (a) (1) or (2), as amortizable, for the purposes of the preceding sentence the partner's proportionate share of the interest received by the partnership shall be his proportionate share of such interest (determined without regard to this sentence) reduced by so much of the deduction under section 23 (v) as is attributable to such share. Seer 185, Earned ineomer Sec. 185, I. R. C., supra, repealed by Sec. 107 (a), R. A. of 1943. Sec. 101 of said Act makes amendment applicable to taxable years beginning after Dec. 31, 1943. For section before repeal, see Ninth Edition, p. 456. Sec. 186. Taxes of foreign countries and possessions of United States. The amount of income, warprofits, and excess-profits taxes imposed by foreign countries or possessions of the United States shall be allowed as a credit against the tax of the member of a partnership to the extent provided in section 131. Sec. 187. Partnership returns. Every partnership shall make a return for each taxable year, stating specifically the items of its gross income and the deductions allowed by this chapter and such other information for the purpose of carrying out the provisions of this chapter as the Commissioner Taxable Years Beginning before 1944 Sec. 184. Credits against net income. Section originated 1918 as Second Edition, p. 130, Sec. 185. Earned income. Second Edition, p. 58, Sec. 186. Taxes of foreign countries and possessions of United States. Section originated 1928 as For any amendments prior to Eighth Edition, p. 298, Sec. 187. Partnership returns. Second Edition, p. 164, Taxable Years proval of the Secretary may by regulations prescribe, and shall include in the return the names and addresses of the individuals who would be entitled to share in the net income if distributed and the amount of the distributive share of each individual. The return shall be sworn to by any one of the part ners. Taxable Years Taxable Years Beginning in 1946 and 1947 Sec. 188. Different taxable Sec. 188. Different taxable Sec. 188. Different taxable years of partner and partner- years of partner and partner- years of partner and partnershipship. ship. Same as 1944. |