### Question
What does electing 1987 partnership mean?


### Answer
**Electing 1987 partnership** has the following meaning in *26 U.S.C. § 7704*:

> any publicly traded partnership if—


(A) such partnership is an existing partnership (as defined in section 10211(c)(2) of the Revenue Reconciliation Act of 1987),


(B) subsection (a) has not applied (and without regard to subsection (c)(1) would not have applied) to such partnership for all prior taxable years beginning after December 31, 1987, and before January 1, 1998, and


(C) such partnership elects the application of this subsection, and consents to the application of the tax imposed by paragraph (3), for its first taxable year beginning after December 31, 1997

#### Citation:
  - *26 U.S.C. § 7704*
  - Heading: **Subtitle F-Procedure and Administration > CHAPTER 79-DEFINITIONS**

