Current through Pub. L. 119-100Open in workspace

§ 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.)

Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 701

Source: decipher.legal/usc/26/701 · Internal Revenue Code, current through Pub. L. 119-100 (OLRC XML of 2026-04-17)