MEMORANDUM - Public Counsel

On its website, the IRS has published a definition of a Qualified Joint Venture under 761(f) which indicates that it “includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state-law entity (including a general or limited partnership or a limited liability company)….” and also notes that “…mere joint ownership of property that is not a trade or business … ................
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