# 26 U.S.C. § 701: Partners, not partnership, subject to tax

Source: OLRC release point 119-134 <https://uscode.house.gov/us/usc/119-134/t26/s701>. Cite pinpoints as 26 U.S.C. § 701(a)(1).

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.

## Regulations

- [Treas. Reg. § 1.701-1](/26/reg/1.701-1.md): Partners, not partnership, subject to tax. (interprets § 701)
- [Treas. Reg. § 1.701-2](/26/reg/1.701-2.md): Anti-abuse rule. (interprets § 701)

## Final rules

- [60 FR 18741](https://www.federalregister.gov/documents/1995/04/13/95-9049/subchapter-k-anti-abuse-rule) (1995): Subchapter K Anti-Abuse Rule
- [60 FR 23](https://www.federalregister.gov/documents/1995/01/03/94-32331/subchapter-k-anti-abuse-rule) (1995): Subchapter K Anti-Abuse Rule

Derived from: 1939 § 181; 1939 § 182

## Amendments

- 1954-08-16: [Act Aug. 16, 1954, ch. 736](/26/act/1954-ch736.md), 68A Stat. 239