26 USC 701: Partners, not partnership, subject to tax
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*Public Law 119-60 has been enacted, but classifications have not been finalized. The currency ("laws in effect") date does not reflect acts for which classifications have not been finalized.

26 USC 701: Partners, not partnership, subject to tax Text contains those laws in effect on January 7, 2026
From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter K-Partners and PartnershipsPART I-DETERMINATION OF TAX LIABILITY
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§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 .)