Section 1
SECTION 1. Section 20, paragraph (b) of the National Internal Revenue Code is hereby amended to read as follows: "(b) The term 'corporation' includes partnerships, no matter how created or organized, joint-stock companies, joint accounts (cuentas en participation), associations or insurance companies, but does not include general professional partnerships and a joint venture formed for the purpose of undertaking construction projects or engaging in petroleum operations pursuant to an operating agreement under a service contract with the Government. General professional partnerships are partnerships formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any trade or business.''