U.S. Tax Law: Internal Revenue Code
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Internal Revenue Code

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USC Title 26 enacted through 2008

§ 774. Other modifications

Treatment of certain optional adjustments, etc.
In the case of an electing large partnership -
computations under section 773 shall be made without regard to any adjustment under section 743(b) or 108(b), but
a partner's distributive share of any amount referred to in section 772(a) shall be appropriately adjusted to take into account any adjustment under section 743(b) or 108(b) with respect to such partner.
Credit recapture determined at partnership level
In general
In the case of an electing large partnership -
any credit recapture shall be taken into account by the partnership, and
the amount of such recapture shall be determined as if the credit with respect to which the recapture is made had been fully utilized to reduce tax.
Method of taking recapture into account
An electing large partnership shall take into account a credit recapture by reducing the amount of the appropriate current year credit to the extent thereof, and if such recapture exceeds the amount of such current year credit, the partnership shall be liable to pay such excess.
Dispositions not to trigger recapture
No credit recapture shall be required by reason of any transfer of an interest in an electing large partnership.
Credit recapture
For purposes of this subsection, the term "credit recapture" means any increase in tax under section 42(j) or 50(a).
Partnership not terminated by reason of change in ownership
Subparagraph (B) of section 708(b)(1) shall not apply to an electing large partnership.
Partnership entitled to certain credits
The following shall be allowed to an electing large partnership and shall not be taken into account by the partners of such partnership:
The credit provided by section 34.
Any credit or refund under section 852(b)(3)(D) or 857(b)(3)(D).
Treatment of REMIC residuals
For purposes of applying section 860E(e)(6) to any electing large partnership -
all interests in such partnership shall be treated as held by disqualified organizations,
in lieu of applying subparagraph (C) of section 860E(e)(6), the amount subject to tax under section 860E(e)(6) shall be excluded from the gross income of such partnership, and
subparagraph (D) of section 860E(e)(6) shall not apply.
Special rules for applying certain installment sale rules
In the case of an electing large partnership -
the provisions of sections 453(l)(3) and 453A shall be applied at the partnership level, and
in determining the amount of interest payable under such sections, such partnership shall be treated as subject to tax under this chapter at the highest rate of tax in effect under section 1 or 11.

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

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