qualified joint venture

(2) Qualified joint venture For purposes of paragraph (1), the term “qualified joint venture” means any joint venture involving the conduct of a trade or business if— (A) the only members of such joint venture are a husband and wife, (B) both spouses materially participate (within the meaning of section 469(h) without regard to paragraph (5) thereof) in such trade or business, and (C) both spouses elect the application of this subsection.

Source

26 USC § 761(f)(2)

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Scoping language

None identified, default scope is assumed to be the parent (part III) of this section.

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