Sec. 3-13.1. General

(a) Except for a foreign corporate limited partner that has made an election pursuant to section 3-13.5 of this Subpart, a taxpayer that is a partner in a partnership shall compute its tax with respect to its interest in such partnership under the aggregate method or entity method, whichever applies (see section 3-13.2 of this Subpart - Determination of applicable methodology).

(b) Under the aggregate method, a corporate partner is viewed as having an undivided interest in the partnership's assets, liabilities and items of receipts, income, gain, loss and deduction. Under the aggregate method, the partner is treated as participating in the partnership's transactions and activities.

(c) Under the entity method, a partnership is treated as a separate entity and a corporate partner is treated as owning an interest in the partnership entity. The partner's interest is an intangible asset.