Section 6-3-4-11 - Partnerships not subject to tax(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, except to the extent the partnership is an electing entity (as defined in IC 6-3-2.1-2) or the partnership has made an election to be taxed at the partnership level under IC 6-3-4.5. 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.Amended by P.L. 1-2023,SEC. 7, eff. 2/22/2023, app. retroactive to 1/1/2022.(Formerly: Acts 1963(ss), c.32, s.411; Acts 1965, c.233, s.21.) As amended by Acts1980 , P.L. 54, SEC.5.