Incomplete college courses?

What happens if you get an "incomplete" grade for a college course? Obviously it can't affect your GPA, but will it stay on your transcript if you simply just take the course again next semester? I took taxation 350 last semester and it was a disaster,did learn anything from the profess and...got the incomplete because we had to write a term paper with a partner and my partner never helped out (team term papers weird huh?) so if the incomplete doesnt stay on my transcript I was thinking of just "forgetting" about the cl and taking it with a different professor over the summer.