Paragraph 691

(1)

Amend section 1262 (allocation of firm's profits or losses between partners) as follows.

(2)

In subsection (2)—

(a)

for “pays charges on income” substitute “ makes qualifying charitable donations ”,

(b)

for “share of the charges” substitute “ share of the donations ”, and

(c)

for “charges are paid” substitute “ donations are made ”.

(3)

Omit subsection (3).