Reference, etc

(a) Short title This Act may be cited as the Preventing Abusive Routine Tax Nonsense Enabled by Rip-offs Shelters and Havens and Instead Promoting Simplicity Act or the PARTNERSHIPS Act. (b) Reference Except as otherwise expressly provided, whenever in this Act, an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of contents The table of contents of this Act is as follows: Sec. 1. Reference, etc. Sec. 2. Determination of partner's distributive share. Sec. 3. Allocation of built-in-gains with respect to contributed property. Sec. 4. Treatment of revalued property. Sec. 5. Repeal of time limitation on taxing precontribution gain. Sec. 6. Repeal of rules relating to certain liquidating distributions. Sec. 7. Clarification of rules relating to payments to partners for property or services. Sec. 8. Elimination of preformation expenditure exception to partnership transaction rules. Sec. 9. Partnership terminations. Sec. 10. Repeal of requirement that inventory be substantially appreciated in certain partnership distributions treated as sale or exchange. Sec. 11. Treatment of partnership debt. Sec. 12. Adjustments to basis of partnership property. Sec. 13. Application of net investment income tax to trade or business income of certain high income individuals. Sec. 14. Recognition of gain on transfers to swap funds. Sec. 15. Modifications to treatment of certain losses. Sec. 16. Codification of anti-abuse rule.