26 U.S.C. § 701
§ 701. Partners, not partnership, subject to tax
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Unchanged since the 1954 code.
Every change, newest first (1)
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.