415 limits, SEP and 403b contributions and control requirements

[Guest ithprof]

The facts are as follows:

1. I contribute to a 403b plan by salary deferral. My employer also contributes to a 403b on my behalf.

2. My wife also contributes to a 403b plan by salary deferral with a contribution from her employer.

3. We also have a consulting business and would like to contribution to individual SEP accounts.

My understanding is that Publication 571 and publication 4482 specify that contributions made to 403b accounts must be combined with SEP contributions of all partnerships, corporations and sole proprietorships in which one has more than a 50% control, to determine 415 contribution limits (49K).

Now here is the issue:

Our consulting business LLC is owned 50% by me and 50% by my wife. I am trying to figure out the 415 contribution limit implications in this situation.

I can see three possibilities:

a. See-through provisions do not apply and neither one has control. This implies that we get four $49,000 limits (two for me, 403b and SEP, and two for her).

b. See-through provisions apply to both and both are deemed to have control. This implies that each is limited to one 49K limit.

b. See-through provisions apply to one of us and therefore one is deemed to have control. This implies we get three 49K limits (one for the person deemed to have control and two for the other person)

Is the answer affected by whether I am in a community property state?

I would be grateful for any clarification that can be provided on this issue.

[Appleby]

Bumping up- I think controlled group, but defer to those who are experts in this area.