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.)
|§ 1.701-1||Partners, not partnership, subject to tax|
|§ 1.701-2||Anti-abuse rule|
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