TITLE 26. INTERNAL REVENUE CODE § 704. Partner’s distributive share., 26 USCS § 704
Summary
(a) Effect of partnership agreement. A partner’s distributive share of income, gain, loss, deduction, or credit shall, except as otherwise provided in this chapter [26 USCS §§ 1 et seq.], be determined by the partnership agreement.
(b) Determination of distributive share. A partner’s distributive share of income, gain, loss, deduction, or credit (or item thereof) shall be determined in accordance with the partner’s interest in the partnership (determined by taking into account all facts and circumstances), if—