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Question 230: In determining whether two partnerships are a brother-sister group of trades or businesses under common control, do you first consider each owner's profits interests and then consider each owner's capital interests (to see if the ownership threshholds are met) or alternatively, do you use the higher of each partner's capital or profits interest? (The attribution rules clearly state that an interest in an entity owned by a partnership is deemed to be owned by the partner in proportion to the greater of his capital or profits interests. However, I'm not sure how to apply the rules if no attribution rule is called for.) |
Answer: Your uncertainty is understandable. The real question is, "What constitutes a controlling interest, or effective control, of a partnership?" As you point out, that is a very different question from "How are assets held by a partnership attributed to its partners?" |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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