partner’s taxable year ending as result of death

partner’s taxable year ending as result of death Sec. 313. (a) Section 211 of the Social Security Act is amended by adding at the end thereof the following new subsection: “Partner’s Taxable Year Ending as Result of Death “(f) In computing a partner’s net earnings from self-employment for his taxable year which ends as a result of his death (but only if such taxable year ends within, and not with, the taxable year of the partnership), there shall be included so much of the deceased partner’s distributive share of the partnership’s ordinary income or loss for the partnership taxable year as is not attributable to an interest in the partnership during any period beginning on or after the first day of the first calendar month following the month in which such partner died. For purposes of this subsection— “(1) in determining the portion of the distributive share which is attributable to any period specified in the preceding sentence, the ordinary income or loss of the partnership shall be treated as having been realized or sustained ratably over the partnership taxable year; and “(2) the term ‘deceased partner’s distributive share’ includes the share of his estate or of any other person succeeding, by reason of his death, to rights with respect to his partnership interest.” (b) The amendment made by subsection (a) shall apply— (1) with respect to individuals who die after the date of the enactment of this Act, and (2) with respect to any individual who died after 1955 and on or before the date of the enactment of this Act, but only if the requirements of section 403 (b) (2) of this Act are met.