Title 26 — Internal Revenue Code
Part I · Chapter 1 — Normal Taxes and Surtaxes
§ 701. Partners, not partnership, subject to tax
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
(Aug. 16, 1954, ch. 736, 68A Stat. 239.) · 68A Stat. 239
Enacted · 26 U.S.C. § 701
(Aug. 16, 1954, ch. 736, 68A Stat. 239.)
Source evidence
Code source credit
(Aug. 16, 1954, ch. 736, 68A Stat. 239.)
0 of 1 references resolved to an enrolled provision · 1 partial
Credits
(Aug. 16, 1954, ch. 736, 68A Stat. 239.)