§203. Partnership computations

            A. Income and deductions. 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 R.S. 47:202 A shall be separately stated, and

            (2) the following deductions shall not be allowed to the partnership:

            (a) the standard deduction provided in R.S. 47:68,

            (b) the deduction for charitable contributions provided in R.S. 47:57,

            (c) deductions allowed individuals if they itemize which would not be allowable if they claim the optional standard deduction.

            B. Elections of the partnership. Any election affecting the computation of taxable income derived from a partnership shall be made by the partnership.

            C.(1) In computing the taxable income of a partnership, the partnership shall exclude net income or losses received from an entity of which the partnership is a shareholder, partner, or member if the entity properly filed a Louisiana corporation income tax return pursuant to R.S. 47:287.732.2 which included the net income or loss. However, no such exclusion shall be allowed for any amount attributable to income that, for any reason, will not bear the tax due pursuant to R.S. 47:287.732.2.

            (2)(a) A partnership whose federal income tax return is adjusted due to S corporation or partnership income or losses for which the partnership used the exclusion provided in Paragraph (1) of this Subsection shall furnish a statement to the secretary disclosing the nature and amounts of such adjustments within sixty days after the federal adjustments have been made and accepted by the partnership. However, if the partnership does not receive a statement of the federal adjustments until after it accepts the adjustments, it shall have sixty days from the receipt of such statement within which to furnish the required statement to the secretary.

            (b) For purposes of Subparagraph (a) of this Paragraph, paying the federal tax shown due or signing a consent to immediate assessment shall constitute an acceptance of the federal adjustments.

            Amended by Acts 1958, No. 441, §1; Acts 2023, No. 450, §1.