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 (, .)
Public Law 119-88 (05/04/2026)
26 U.S.C. § 701
Partners, not partnership, subject to tax