Attribution in a Partnership

[401_noob]

How does IRC 318 apply to a partnership in that the spouse of a partner in a partnership are treated as having the same capital or profit interests?

Is it IRC 416(i)(1)(B)(iii)(II) " in the case of any employer which is not a corporation, ownership in such employer shall be determined in accordance with regulations prescribed by the Secretary which shall be based on principles similar to the principles of section 318(as modified by subclause (I))."?

And if it is, what does it mean when it says "as modified by subclause (I)?

Thanks in advance!

[Lou S.]

How does IRC 318 apply to a partnership in that the spouse of a partner in a partnership are treated as having the same capital or profit interests?

Is it IRC 416(i)(1)(B)(iii)(II) " in the case of any employer which is not a corporation, ownership in such employer shall be determined in accordance with regulations prescribed by the Secretary which shall be based on principles similar to the principles of section 318(as modified by subclause (I))."?

And if it is, what does it mean when it says "as modified by subclause (I)?

Thanks in advance!

Yes.

You are in subclause II, subclause I is the one before it as in IRC 416(i)(1)(B)(iii)(I)