State Codes and Statutes

Statutes > California > Rtc > 17851-17865

REVENUE AND TAXATION CODE
SECTION 17851-17865



17851.  Subchapter K of Chapter 1 of Subtitle A of the Internal
Revenue Code, relating to partners and partnerships, shall apply,
except as otherwise provided.



17851.5.  Notwithstanding the provisions of Section 701 of the
Internal Revenue Code, relating to partners, not partnerships,
subject to tax, a partnership, as an entity shall be subject to
Chapter 10.5 (commencing with Section 17935), relating to tax on
limited partnerships, Chapter 10.6 (commencing with Section 17941),
relating to tax on limited liability companies, and Chapter 10.7
(commencing with Section 17951), relating to tax on limited liability
partnerships.


17853.  Section 703(a)(2) of the Internal Revenue Code is modified
to additionally provide that the deduction for taxes provided in
Section 164(a) of the Internal Revenue Code with respect to taxes,
described in Section 18006, paid to another state shall not be
allowed to the partnership.



17854.  For purposes of computing "taxable income of a nonresident
or part-year resident" under paragraph (1) of subdivision (i) of
Section 17041, in the case of a nonresident partner, guaranteed
payments, as defined by Section 707(c) of the Internal Revenue Code,
shall be included in that computation as gross income from sources
within this state in the same manner as if those payments were a
distributive share of that partnership.



17855.  The term "unrealized receivables," as defined by Section 751
(c) of the Internal Revenue Code, shall not include any of the
following:
   (a) Stock in certain foreign corporations, as described in Section
1248 of the Internal Revenue Code.
   (b) Oil, gas, or geothermal property, described in Section 1254 of
the Internal Revenue Code.



17856.  Section 751(d)(3) of the Internal Revenue Code, relating to
appreciated inventory items subject to tax as a gain on foreign
investment company stock, does not apply.



17857.  Section 751(e) of the Internal Revenue Code, relating to the
limitation on tax attributable to deemed sales of Section 1248
stock, shall not apply.


17858.  For purposes of this part and Part 11 (commencing with
Section 23001), any election relating to the computation of
depreciation shall be made by the partnership and each partner shall
take into account his or her distributive share of the depreciation
amount computed in accordance with that election.



17865.  Part IV of Subchapter K of Chapter 1 of Subtitle A of the
Internal Revenue Code (commencing with Section 771 of the Internal
Revenue Code), shall not apply, except as otherwise provided.


State Codes and Statutes

Statutes > California > Rtc > 17851-17865

REVENUE AND TAXATION CODE
SECTION 17851-17865



17851.  Subchapter K of Chapter 1 of Subtitle A of the Internal
Revenue Code, relating to partners and partnerships, shall apply,
except as otherwise provided.



17851.5.  Notwithstanding the provisions of Section 701 of the
Internal Revenue Code, relating to partners, not partnerships,
subject to tax, a partnership, as an entity shall be subject to
Chapter 10.5 (commencing with Section 17935), relating to tax on
limited partnerships, Chapter 10.6 (commencing with Section 17941),
relating to tax on limited liability companies, and Chapter 10.7
(commencing with Section 17951), relating to tax on limited liability
partnerships.


17853.  Section 703(a)(2) of the Internal Revenue Code is modified
to additionally provide that the deduction for taxes provided in
Section 164(a) of the Internal Revenue Code with respect to taxes,
described in Section 18006, paid to another state shall not be
allowed to the partnership.



17854.  For purposes of computing "taxable income of a nonresident
or part-year resident" under paragraph (1) of subdivision (i) of
Section 17041, in the case of a nonresident partner, guaranteed
payments, as defined by Section 707(c) of the Internal Revenue Code,
shall be included in that computation as gross income from sources
within this state in the same manner as if those payments were a
distributive share of that partnership.



17855.  The term "unrealized receivables," as defined by Section 751
(c) of the Internal Revenue Code, shall not include any of the
following:
   (a) Stock in certain foreign corporations, as described in Section
1248 of the Internal Revenue Code.
   (b) Oil, gas, or geothermal property, described in Section 1254 of
the Internal Revenue Code.



17856.  Section 751(d)(3) of the Internal Revenue Code, relating to
appreciated inventory items subject to tax as a gain on foreign
investment company stock, does not apply.



17857.  Section 751(e) of the Internal Revenue Code, relating to the
limitation on tax attributable to deemed sales of Section 1248
stock, shall not apply.


17858.  For purposes of this part and Part 11 (commencing with
Section 23001), any election relating to the computation of
depreciation shall be made by the partnership and each partner shall
take into account his or her distributive share of the depreciation
amount computed in accordance with that election.



17865.  Part IV of Subchapter K of Chapter 1 of Subtitle A of the
Internal Revenue Code (commencing with Section 771 of the Internal
Revenue Code), shall not apply, except as otherwise provided.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Rtc > 17851-17865

REVENUE AND TAXATION CODE
SECTION 17851-17865



17851.  Subchapter K of Chapter 1 of Subtitle A of the Internal
Revenue Code, relating to partners and partnerships, shall apply,
except as otherwise provided.



17851.5.  Notwithstanding the provisions of Section 701 of the
Internal Revenue Code, relating to partners, not partnerships,
subject to tax, a partnership, as an entity shall be subject to
Chapter 10.5 (commencing with Section 17935), relating to tax on
limited partnerships, Chapter 10.6 (commencing with Section 17941),
relating to tax on limited liability companies, and Chapter 10.7
(commencing with Section 17951), relating to tax on limited liability
partnerships.


17853.  Section 703(a)(2) of the Internal Revenue Code is modified
to additionally provide that the deduction for taxes provided in
Section 164(a) of the Internal Revenue Code with respect to taxes,
described in Section 18006, paid to another state shall not be
allowed to the partnership.



17854.  For purposes of computing "taxable income of a nonresident
or part-year resident" under paragraph (1) of subdivision (i) of
Section 17041, in the case of a nonresident partner, guaranteed
payments, as defined by Section 707(c) of the Internal Revenue Code,
shall be included in that computation as gross income from sources
within this state in the same manner as if those payments were a
distributive share of that partnership.



17855.  The term "unrealized receivables," as defined by Section 751
(c) of the Internal Revenue Code, shall not include any of the
following:
   (a) Stock in certain foreign corporations, as described in Section
1248 of the Internal Revenue Code.
   (b) Oil, gas, or geothermal property, described in Section 1254 of
the Internal Revenue Code.



17856.  Section 751(d)(3) of the Internal Revenue Code, relating to
appreciated inventory items subject to tax as a gain on foreign
investment company stock, does not apply.



17857.  Section 751(e) of the Internal Revenue Code, relating to the
limitation on tax attributable to deemed sales of Section 1248
stock, shall not apply.


17858.  For purposes of this part and Part 11 (commencing with
Section 23001), any election relating to the computation of
depreciation shall be made by the partnership and each partner shall
take into account his or her distributive share of the depreciation
amount computed in accordance with that election.



17865.  Part IV of Subchapter K of Chapter 1 of Subtitle A of the
Internal Revenue Code (commencing with Section 771 of the Internal
Revenue Code), shall not apply, except as otherwise provided.