qualified corporate partner
Defined in 1 place of the United States Code.
For purposes of clause (i), the term “qualified corporate partner” means any corporation if—
(I) such corporation is a general partner in the partnership,
(II) such corporation has an interest of 10 percent or more in the profits and losses of the partnership, and
(III) such corporation has contributed property to the partnership in an amount not less than the lesser of $500,000 or 10 percent of the net worth of the corporation.
Source
- 2013–present26 U.S.C. § 465Internal Revenue Code · Deductions limited to amount at risk · for purposes of this section
For purposes of clause (i), the term "qualified corporate partner" means any corporation if—
(I) such corporation is a general partner in the partnership,
(II) such corporation has an interest of 10 percent or more in the profits and losses of the partnership, and
(III) such corporation has contributed property to the partnership in an amount not less than the lesser of $500,000 or 10 percent of the net worth of the corporation.
For purposes of subclause (III), any contribution of property other than money shall be taken into account at its fair market value.
Source
- 1994–201826 U.S.C. § 465Internal Revenue Code · Deductions limited to amount at risk · for purposes of this section