26 U.S.C. § 701 — Partners, not partnership, subject to tax
submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 35 words · no verdicts yet
This section governs partners, not partnership, subject to tax. It states the related duties, permissions, limits, exceptions, and procedures.
A partnership* as such must not be subject to the income tax imposed by this chapter. Persons carrying on business as partners must be liable for income tax only in their separate or individual capacities.
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.
Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 239.)
- 1954Enacted · Act of Aug. 16, 1954, ch. 736
A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.
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