Taxing Definitions

Qualified Joint Ventures

Image source: Public domain via Wikimedia Commons A Qualified Joint Venture is an exception to the general rule classifying a joint venture as a partnership for tax purposes. Generally, a joint venture is an unincorporated business consisting of two or more parties who are working together to conduct a project or transaction. A qualified joint venture, added to the Internal…

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Taxing Definitions

Coordinated Issue Papers

Coordinated Issue Papers (CIPs) provide guidance on technical tax questions, such as medical reimbursement plans for the self-employed, that is reviewed by the Office of Chief Counsel and provided to revenue agents. CIPs are numbered using the Uniform Issues List (UIL), an index of issues based on Internal Revenue Code Sections. For example, a CIP about medical reimbursement plans for…

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