§ 703. Partnership computations

• (a) 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 702(a) 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 151,
    • (B) the deduction for taxes provided in section 164(a) with respect to taxes, described in section 901, paid or accrued to foreign countries and to possessions of the United States,
    • (C) the deduction for charitable contributions provided in section 170,
    • (D) the net operating loss deduction provided in section 172,
    • (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 611 with respect to oil and gas wells.
• (b) 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 108 (relating to income from discharge of indebtedness),
  • (2) section 617 (relating to deduction and recapture of certain mining exploration expenditures), or
  • (3) section 901 (relating to taxes of foreign countries and possessions of the United States),