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26 U.S.C. § 701 — Partners, not partnership, subject to tax
Federal law — U.S. Code and appendices · legal_authorities
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.
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Source file: Laws/federal/codes/united-states-code/title-26/section-701-partners-not-partnership-subject-to-tax--af2863769e.md
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Source location: Title 26, Chapter 1, § 701; chapter-001-normal-taxes-and-surtaxes.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
Under joint regulations—
(1) a transfer of a capital construction fund from one person to another person in a transaction to which section 381 of the Internal Revenue Code of 1986 ([26 U.S.C. 381](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section381&num=0&edition=prelim)) applies may be treated as if the transaction is not a nonqualified withdrawal; and
(2) a similar rule shall be applied to a continuation of a partnership (within the meaning of subchapter K of chapter 1 of such Code ([26 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section701&num=0&edition=prelim) et seq.)).
Source: Supplied U.S. Code snapshot — release unconfirmed · 46 U.S.C. § 53513
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section through [section 1308–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1308-5&num=0&edition=prelim):
(1) **Covered commodity** — The term “covered commodity” has the meaning given that term in section 1111 of the Agricultural Act of 2014 ([7 U.S.C. 9011](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9011&num=0&edition=prelim)).
(2) **Family member** — The term “family member” means a person to whom a member in the farming operation is related as lineal ancestor, lineal descendant, sibling, first cousin, niece, nephew, spouse, or otherwise by marriage.
(3) **Legal entity** — The term “legal entity” means an entity that is created under Federal or State law and that—
(A) owns land or an agricultural commodity; or
(B) produces an agricultural commodity.
(4) **Person** — The term “person” means a natural person, and does not include a legal entity.
(5) **Qualified pass-through entity** — The term “qualified pass-through entity” means—
(A) a partnership (within the meaning of subchapter K of chapter 1 of the Internal Revenue Code of 1986 [[26 U.S.C. 701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section701&num=0&edition=prelim) et seq.]);
(B) an S corporation (as defined in section 1361 of that Code);
(C) a limited liability company that does not affirmatively elect to be treated as a corporation; and
(D) a joint venture or general partnership.
(6) **Secretary** — The term “Secretary” means the Secretary of Agriculture.
**(b) Limitation on payments for covered commodities (other than peanuts)** Subject to subsection (i), the total amount of payments received, directly or indirectly, by a person or legal entity (except
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1308–3
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Federal law — U.S. Code and appendices · legal_authorities
Page 1863
TITLE 26—INTERNAL REVENUE CODE
§ 702
section 692(c) of the Internal Revenue Code of 1986 [for-
merly I.R.C. 1954], the Director General of the Multi-
national Force and Observers in the Sinai who died on
February 15, 1984, shall be treated as if he were a civil-
ian employee of the United States while he served as
such Director General.’’
Subchapter K—Partners and Partnerships
Part
I.
Determination of tax liability.
II.
Contributions, distributions, and transfers.
III.
Definitions.
[IV.
Repealed.]
Editorial Notes
AMENDMENTS
2015—Pub. L. 114–74, title XI, § 1101(b)(1), Nov. 2, 2015,
129 Stat. 625, struck out item for part IV ‘‘Special rules
for electing large partnerships’’.
1997—Pub. L. 105–34, title XII, § 1221(b), Aug. 5, 1997,
111 Stat. 1008, added item for part IV.
PART I—DETERMINATION OF TAX
LIABILITY
Sec.
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.
706.
Taxable years of partner and partnership.
707.
Transactions between partner and partner-
ship.
708.
Continuation of partnership.
709.
Treatment of organization and syndication
fees.
Editorial Notes
AMENDMENTS
1976—Pub. L. 94–455, title II, § 213(b)(2), title XIX,
§ 1901(b)(23), Oct. 4, 1976, 90 Stat. 1547, 1798, struck out
part IV ‘‘Effective date for subchapter’’ in table of
parts of subchapter K of chapter 1 and added item 709.
§ 701. Partners, not partnership, subject to tax
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 indi-
vidual capacities.
(Aug. 16, 1954, ch.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 701
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