If an election is made under par. (a), all of the following apply: 1.
(1)#
The net income of the partnership is computed under subs. (1) to (5) and the situs of income shall be determined as if the election under par. (a) was not made.
(2)#
The partnership may not claim the loss under s. 71.05 (8).
(3)#
Except as provided in ss. 71.07 (7) (b) 3. and (12) (c) 2., 71.28 (12) (c) 2., and 71.47 (12) (c) 2., the tax credits under this chapter may not be claimed by the partnership.
(4)#
A partner’s adjusted basis of the partner’s interest in the partnership is determined as if the election under par. (a) was not made.
(5)#
The provisions of ss. 71.09 and 71.84 relating to estimated payments and underpayment interest shall apply to the partnership.
(6)#
If the partnership fails to pay the amount owed to the department with respect to income as a result of the election under par. (a), the department may collect the amount from the partners based on their proportionate share of such income.