Tax liability of members of duly registered general co-partnerships.
Section 26
SEC. 26. Tax liability of members of duly registered general co-partnerships. — Persons carrying on business in general co-partnership (compania colectiva) duly registered in the mercantile registry shall be liable for income tax only in their individual capacity, and the share of the profits of the registered general co-partnership (compania colectiva) to which any taxable partner would be entitled, whether divided or otherwise, shall be returned for taxation and the tax paid in accordance with the provisions of this Title.