Qualified Joint Venture [Internal Revenue] Law and Legal Definition

According to 26 USCS § 761 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter K. Partners and Partnerships; Part III. Definitions], 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 in such trade or business, and

(C) both spouses elect the application of this subsection.”