To amend the Internal Revenue Code of 1986 to allow a married couple conducting an unincorporated trade or business to elect out of partnership status.

Bill Number

HR 1558

Introduced

Apr 2, 2003

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Commerce Earnings Families Income tax Labor and Employment Losses Married people Partnerships Self-employed Tax administration Tax credits Tax deductions Taxation

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Summary

Amends the Internal Revenue Code to allow a married couple conducting an unincorporated trade or business to elect out of partnership status.

Allocates all related items of income, gain, loss, and credit equally between the spouses, unless they provide for a labor-based allocation.

Includes each spouse's share of income or loss in net earnings from self-employment.

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