CHARITABLE CONTRIBUTIONS AND FOREIGN TAXES TAKEN INTO ACCOUNT IN DETERMINING LIMITATION ON ALLOWANCE OF PARTNER’S SHARE OF LOSS.

SEC. 13503. CHARITABLE CONTRIBUTIONS AND FOREIGN TAXES TAKEN INTO ACCOUNT IN DETERMINING LIMITATION ON ALLOWANCE OF PARTNER’S SHARE OF LOSS.(a) In General.—Subsection (d) of section 704 is amended—(1) by striking “A partner’s distributive share” and inserting the following:“(1) In general.—A partner’s distributive share”,(2) by striking “Any excess of such loss” and inserting the following:“(2) Carryover.—Any excess of such loss”, and(3) by adding at the end the following new paragraph:“(3) Special rules.—“(A) In general.—In determining the amount of any loss under paragraph (1), there shall be taken into account the partner’s distributive share of amounts described in paragraphs (4) and (6) of section 702(a).“(B) Exception.—In the case of a charitable contribution of property whose fair market value exceeds its adjusted basis, subparagraph (A) shall not apply to the extent of the partner’s distributive share of such excess.”.(b) Effective Date.—The amendments made by this section shall apply to partnership taxable years beginning after December 31, 2017.