A qualified pass-through entity is defined for the first time
What the document says“The term `qualified pass-through entity' means--”
The section inserts a new paragraph (5) into subsection (a) of section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) defining a qualified pass-through entity as a partnership within the meaning of subchapter K of chapter 1 of the Internal Revenue Code of 1986, an S corporation as defined in section 1361 of that Code, a limited liability company that does not affirmatively elect to be treated as a corporation, and a joint venture or general partnership.
What the document actually says“The term `qualified pass-through entity' means--”
The law gives a new term a meaning. The list that follows says what it covers.
It covers four kinds of business. One is a partnership. One is an S corporation. One is a limited liability company. One is a joint venture.
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