H.R. 868 · 110th Congress

Family Small Business Tax Fairness Act of 2007

Stage
In committee
Introduced
2007-02-07
Latest action
2007-02-07 · Introduced in House

Summary

Family Small Business Tax Fairness Act of 2007 - Amends the Internal Revenue Code to allow a married couple filing a joint tax return an election to conduct a trade or business as a qualified joint venture for purposes of determining separate net employment income. Defines "qualified joint venture" as an entity that is not treated as a partnership and that allows spouses to: (1) treat items of income and expense in accordance with their respective interests in the venture; and (2) conduct their business activities as sole proprietors.