(a) Income and deductions. — The net taxable income of a partnership for any taxable year shall be computed in the same manner as in the case of an individual except that:(1) The items described in § 30332(a) of this title, shall be separately stated; and(2) the following deductions shall not be allowed to the partnership:(A) The deductions for personal exemptions provided in § 30138(a) of this title;(B) the net operating loss deduction provided in § 30134 of this title;(C) the taxes provided in § 30124 of this title with respect to the taxes described in § 30138(a) of this title;(D) the deductions granted by § 30135 of this title.(3) Shall be entitled to the accelerated depreciation provided in § 30182 of this title.(b) Elections of the partnership. — Any election affecting the computation of taxable income derived from a partnership shall be made by the partnership, except that any election under § 30201 of this title (relating to taxes of the United States and its possessions, and of foreign countries) shall be made by each partner individually. History —Jan. 31, 2011, No. 1, § 1071.03, retroactive to Jan. 1, 2011.