Kansas Statutes 79-32,129. Partners, not partnership, subject to tax
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Kansas Statutes 79-32,129
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(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.