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.)
Take Action
Your position
Add a comment
to comment on this section.
Annotate the text
Highlight any passage on the Full Text tab to attach a note. Annotations appear on the Annotations tab.