Page:United States Statutes at Large Volume 68A.djvu/294

 254

INTERNAL REVENUE CODE OF 1954

sections of this subchapter shall be applicable to the extent provided by regulations prescribed by the Secretary or his delegate, (4)

PARTNER RECEIVING INCOME IN RESPECT OF DECEDENT.—

Section 753 (relating to income in respect of a decedent) shall apply only in the case of payments made with respect to decedents dying after December 31, 1954. (c) OPTIONAL TREATMENT OF CERTAIN DISTRIBUTIONS.—In

the

case of a partnership taxable year beginning after December 31, 1953, and before January 1, 1955, a partnership may elect, under regulations prescribed by the Secretary or his delegate, with respect to distributions made during such year to any partner, other than in liquidation of the partner's interest, to apply the rules in sections 731, 732 (a), (c), and (e), 733, 735, and 751 (b), (c), and (d) (and, to the extent applicable, the rules provided in sections 705, 752, and 761 (d)). If a partnership so elects, such rules shall be effective for the partnership and all members of such partnership with respect to such distributions.

§ 771(b)(3)

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