26 USC 701: Partners, not partnership, subject to tax
Result 1 of 1
   
 
<< Previous   TITLE 26 / Subtitle A / CHAPTER 1 / Subchapter K / PART I / § 701   Next >>
 
26 USC 701: Partners, not partnership, subject to tax Text contains those laws in effect on January 4, 1995
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter K-Partners and PartnershipsPART I-DETERMINATION OF TAX LIABILITY
Jump To: Source CreditCross Reference

§701. Partners, not partnership, subject to tax

A partnership as such shall not be subject to the income tax imposed by this chapter. Persons carrying on business as partners shall be liable for income tax only in their separate or individual capacities.

(Aug. 16, 1954, ch. 736, 68A Stat. 239 .)

Cross References

Definitions of partnership, see sections 761, 7701 of this title.

Partnerships electing to be taxed as corporations, see section 1361 of this title.