Partnerships not subject to tax
Sec. 11. (a) A partnership as such shall not be subject to the
adjusted gross income tax imposed by IC 6-3-1 through IC 6-3-7.
Persons or corporations carrying on business as partners shall be
liable for the adjusted gross income tax only in their separate or
individual capacities. In determining each partner's adjusted gross
income, such partner shall take into account his or its distributive
share of the adjustments provided for in IC 6-3-1-3.5.
(b) The adjustments provided for in IC 6-3-1-3.5 shall be allowed
for the taxable year of the partner within or with which the
partnership's taxable year ends.
(Formerly: Acts 1963(ss), c.32, s.411; Acts 1965, c.233, s.21.) As
amended by Acts 1980, P.L.54, SEC.5.
Last modified: May 28, 2006