[Code of Federal Regulations]
[Title 26, Volume 8]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.701-1]

[Page 344]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
Determination of Tax Liability--Table of Contents
 
Sec. 1.701-1  Partners, not partnership, subject to tax.





    Partners are liable for income tax only in their separate 
capacities. Partnerships as such are not subject to the income tax 
imposed by subtitle A but are required to make returns of income under 
the provisions of section 6031 and the regulations thereunder. For 
definition of the terms ``partner'' and ``partnership'', see sections 
761 and 7701(a)(2), and the regulations thereunder. For provisions 
relating to the election of certain partnerships to be taxed as domestic 
corporations, see section 1361 and the regulations thereunder.