PARTNERSHIP REPORTING OF UNRELATED BUSINESS TAXABLE INCOME.

SEC. 5074. PARTNERSHIP REPORTING OF UNRELATED BUSINESS TAXABLE INCOME. (a) In General.— Section 6031 of the 1986 Code is amended by adding at the end thereof the following new subsection: “(d) Separate Statement of Items of Unrelated Business Taxable Income.— In the case of any partnership regularly carrying on a trade or business (within the meaning of section 512(c)(1)), the information required under subsection (b) to be furnished to its partners shall include such information as is necessary to enable each partner to compute its distributive share of partnership income or loss from such trade or business in accordance with section 512(a)(1), but without regard to the modifications described in paragraphs (8) through (15) of section 512(b).” (b) Effective Date.— The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1988.