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.
Enacted 1954 · Act Aug. 16, 1954, ch. 736 Amended · 0 Acts · From 1939 Code § 181 · § 182
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.