United States IRC sections
Statute section
IRC section 704
Partner's distributive share
Country
United States
Section
704
Updated
2026-05-20
Operative text
Section 704 governs how partnership items are allocated among partners. Section 704(b) allows partners to allocate items under the partnership agreement provided the allocations have substantial economic effect, and Section 704(c) requires special allocations for contributed property to account for built-in gains and losses.
Cross-references
26 U.S.C. 75226 U.S.C. 754
Related guides
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
This entry cites
- StatuteIRC §754
Cited by
- StatuteIRC §1446
Primary sources
- 26 U.S.C. section 704Verified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.