Source: http://taxtv.com/code/00546-USCODE-2011-title26-subtitleA-chap1-subchapK-partIV-sec775/
Timestamp: 2017-03-26 01:34:00
Document Index: 612265934

Matched Legal Cases: ['§775', '§775', '§775', '§1221', '§532', '§775']

IRC §775. Electing large partnership defined - TaxTV.com
IRC §775. Electing large partnership defined
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The term “electing large partnership” means, with respect to any partnership taxable year, any partnership if—
(A) the number of persons who were partners in such partnership in the preceding partnership taxable year equaled or exceeded 100, and
(B) such partnership elects the application of this part.
(b) Special rules for certain service partnerships
(1) Certain partners not counted
For purposes of this section, the term “partner” does not include any individual performing substantial services in connection with the activities of the partnership and holding an interest in such partnership, or an individual who formerly performed substantial services in connection with such activities and who held an interest in such partnership at the time the individual performed such services.
For purposes of this part, an election under subsection (a) shall not be effective with respect to any partnership if substantially all the partners of such partnership—
(A) are individuals performing substantial services in connection with the activities of such partnership or are personal service corporations (as defined in section 269A(b)) the owner-employees (as defined in section 269A(b)) of which perform such substantial services,
(B) are retired partners who had performed such substantial services, or
(C) are spouses of partners who are performing (or had previously performed) such substantial services.
(3) Special rule for lower tier partnerships
(c) Exclusion of commodity pools
(d) Secretary may rely on treatment on return
(Added Pub. L. 105–34, title XII, §1221(a), Aug. 5, 1997, 111 Stat. 1006; amended Pub. L. 106–170, title V, §532(c)(2)(G), Dec. 17, 1999, 113 Stat. 1930.)
1999—Subsec. (c). Pub. L. 106–170 substituted “section 1221(a)(1)” for “section 1221(1)”.
View related content: IRC §775