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IRS Rules Withholdings from Partners' Periodic Advances Are Elective Contributions (PDF)
Internal Revenue Service [IRS]Link to more items from this source
[Official Guidance]
Nov. 26, 2002
3 pages; Private Letter Ruling 200247052 (8/28/02). Excerpt: Partnership A makes periodic advances of earnings to each partner throughout the plan year. These advances are designed to be equivalent to periodic payments of compensation to each partner as if such partner were a common-law employee. Partnership A intends to withhold an amount from each partner's periodic advances, where such partner has made a 'deferral election,' and contribute such amount to Plan X.

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