(a) General rule In determining his income tax, each partner shall take into account separately his distributive share of the partnerships
(1) gains and losses from sales or exchanges of capital assets held for not more than 1 year,
(2) gains and losses from sales or exchanges of capital assets held for more than 1 year,
(3) gains and losses from sales or exchanges of property described in section
1231 (relating to certain property used in a trade or business and involuntary conversions),
(4) charitable contributions (as defined in section
170 (c)),
(5) dividends with respect to which section
1 (h)(11) or part VIII of subchapter B applies,
(6) taxes, described in section
901, paid or accrued to foreign countries and to possessions of the United States,
(7) other items of income, gain, loss, deduction, or credit, to the extent provided by regulations prescribed by the Secretary, and
(8) taxable income or loss, exclusive of items requiring separate computation under other paragraphs of this subsection.
