qualified allocation

Defined in 1 dictionary — U.S. Code

United States Code

26 U.S.C. § 168 — for purposes of this section (16 versions over time)

For purposes of subparagraph (A), the term “qualified allocation” means any allocation to a tax-exempt entity which—

(i) is consistent with such entity’s being allocated the same distributive share of each item of income, gain, loss, deduction, credit, and basis and such share remains the same during the entire period the entity is a partner in the partnership, and

(ii) has substantial economic effect within the meaning of section 704(b)(2).