48-7-23
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48-7-23.
The
net income of a partnership shall be computed in the same manner and on the same
basis as in the case of an individual except that the deduction of contributions
for charitable purposes allowed by the Internal Revenue Code of 1986 shall not
be allowed. Individuals carrying on business in partnership shall be liable for
income tax only in their individual capacity; and each partner shall include in
his or her individual return his or her distributive shares, whether distributed
or not, of the net income of the partnership for the taxable year except as
provided in subsection (c) of Code Section 48-7-24. If the taxable year of a
partner is different from that of the partnership, the amount included in a
partner´s individual return shall be based upon the income of the
partnership for the taxable year of the partnership ending with or within the
partner´s taxable year.