U.S. Tax Law: Internal Revenue Code
U.S. GAAP Codification IFRS U.S. Tax Code

U.S. Tax Law
Internal Revenue Code

U.S. GAAP Codification U.S. Tax Code by Section
Financial Accounting Intermediate Accounting Advanced Accounting
IFRS-U.S. GAAP ComparisonSecurities Law Library

USC Title 26 enacted through 2008

§ 773. Computations at partnership level

General rule
Taxable income
The taxable income of an electing large partnership shall be computed in the same manner as in the case of an individual except that -
the items described in section 772(a) shall be separately stated, and
the modifications of subsection (b) shall apply.
All elections affecting the computation of the taxable income of an electing large partnership or the computation of any credit of an electing large partnership shall be made by the partnership; except that the election under section 901, and any election under section 108, shall be made by each partner separately.
Limitations, etc.
In general
Except as provided in subparagraph (B), all limitations and other provisions affecting the computation of the taxable income of an electing large partnership or the computation of any credit of an electing large partnership shall be applied at the partnership level (and not at the partner level).
Certain limitations applied at partner level
The following provisions shall be applied at the partner level (and not at the partnership level):
Section 68 (relating to overall limitation on itemized deductions).
Sections 49 and 465 (relating to at risk limitations).
Section 469 (relating to limitation on passive activity losses and credits).
Any other provision specified in regulations.
Coordination with other provisions
Paragraphs (2) and (3) shall apply notwithstanding any other provision of this chapter other than this part.
Modifications to determination of taxable income
In determining the taxable income of an electing large partnership -
Certain deductions not allowed
The following deductions shall not be allowed:
The deduction for personal exemptions provided in section 151.
The net operating loss deduction provided in section 172.
The additional itemized deductions for individuals provided in part VII of subchapter B (other than section 212 thereof).
Charitable deductions
In determining the amount allowable under section 170, the limitation of section 170(b)(2) shall apply.
Coordination with section 67
In lieu of applying section 67, 70 percent of the amount of the miscellaneous itemized deductions shall be disallowed.
Special rules for income from discharge of indebtedness
If an electing large partnership has income from the discharge of any indebtedness -
such income shall be excluded in determining the amounts referred to in section 772(a), and
in determining the income tax of any partner of such partnership -
such income shall be treated as an item required to be separately taken into account under section 772(a), and
the provisions of section 108 shall be applied without regard to this part.

Tax Code (Internal Revenue Code) Section Index

U.S. GAAP by Codification Topic
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold

U.S. GAAP Codification
Accounting Topics
Tax Code (Internal Revenue Code) Section Index

Disclaimer: Information on this page is provided for general understanding of tax concepts and rules only, not for the application in real tax situations. Seek advice from qualified professionals to address tax related questions.

Copyright © 2010 by CPAClass.com.TM  All Rights Reserved.
No copyright claimed on original U.S. Government works.