Internal Revenue Code · 26 U.S.C.
§ 701. Partners, not partnership, subject to tax
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 701
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Length
- 42 words · about 1 min to read
- Cross-references
- cites 0; cited by 0 Code sections and 18 other regulations
- Regulations
- 2 issued under this section
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.)
Regulations under this section
Treasury regulations (26 CFR) issued under § 701
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
Cited in 18 regulations not issued under it
- § 1.58-2 General rules for conduit entities; partnerships and partners.
- § 1.362-3 Basis of importation property acquired in loss importation transaction.
- § 1.367(a)-1 Transfers to foreign corporations subject to section 367(a): In general.
- § 1.367(a)-1T Transfers to foreign corporations subject to section 367(a): In general (temporary).
- § 1.367(e)-1 Distributions described in section 367(e)(1).
- § 1.367(e)-2 Distributions described in section 367(e)(2).
- § 1.965-4 Disregard of certain transactions.
- § 1.7874-1 Disregard of affiliate-owned stock.
- § 1.7874-2 Surrogate foreign corporation.
- § 1.7874-3 Substantial business activities.
- § 1.7874-6 Stock transferred by members of the EAG.
- § 1.7874-11 Rules regarding inversion gain.
- § 1.9006-1 Interest and penalties in case of certain taxable years.
- § 31.3306(c)(16)-1 Services in employ of international organization.
- § 36.3121(l)(1)-1 Agreements entered into by domestic corporations with respect to foreign subsidiaries.
- § 48.4217-2 Limitation on amount of tax applicable to certain leases.
- § 54.9801-1 Basis and scope.
- § 54.9801-1T Basis and scope (temporary).
Where it sits in the Code
- Subtitle A Income Taxes
- Chapter 1 NORMAL TAXES AND SURTAXES
- Subchapter K Partners and Partnerships
- Part I DETERMINATION OF TAX LIABILITY
Nearby sections
- § 701 Partners, not partnership, subject to tax
- § 702 Income and credits of partner
- § 703 Partnership computations
- § 704 Partner’s distributive share
- § 705 Determination of basis of partner’s interest