Qualified Joint Ventures for Spouses

Married couples that jointly own a business often by default choose to treat the business as a partnership, which requires the business to file a partnership return. However, in many cases, treating the business as a partnership and filing partnership returns is optional. A recent Tax Court case highlights how a married couple’s choice to treat their co-owned business as a partnership can work to their detriment. Continue reading “Qualified Joint Ventures for Spouses”