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2016 Statute



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79-32,129.Partners, not partnership, subject to tax. (a) A partnership as such shall not be subject to tax under this act. Persons carrying on business as partners shall be liable for the tax under this act only in their separate or individual capacities.

(b) Any partnership which elects under the internal revenue code to be taxed as a corporation shall not be considered as a partnership for purposes of this act but shall be taxed under the provisions of this act relating to corporations and the partners thereof shall not be considered as partners for purposes of this act, but shall be taxed as shareholders.

History: L. 1967, ch. 497, § 22; May 12.



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2017. Powered by KLISS. Rendered: 2017-10-19T18:08:12. Head Rev No: 274285