"If it looks like a duck": corporate resemblance and check-the-box elective tax classification

Article Abstract:

The "check-the-box" elective approach to entity classification for federal tax purposes proposed by the IRS in Notice 95-14 resolves the confusion of the four-factor test and is an appropriate use of regulatory authority by the Dept of the Treasury. The proposal would allow unincorporated associations to select whether to be taxed as a corporation or as a partnership for federal income tax purposes. The proposal would not exceed administrative authority by overturning Morrissey v. Commissioner because the corporate resemblance test would be retained by denying the election to publicly-traded entities.

United States, Interpretation and construction, Laws, regulations and rules, Corporate taxes, Corporations, Powers and duties, Administrative law, Tax elections, United States. Department of the Treasury

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Spouses as distinct partners

Article Abstract:

Generally, spouses with a joint interest in a partnership are treated as one person. However, in certain circumstances the spouses may be treated as distinct taxpayers even if they do have a joint interest. Bankruptcy rules permit the IRS to treat partnership items as non-partnership items if so doing will make the enforcement of tax rules effective.

Community property

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