Qualified pass-through entity
Qualified pass-through entity means: (1) A partnership within the meaning of subchapter K of chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 701 et seq.); (2) An S corporation as defined in 26 U.S.C. 1361(a); (3) A limited liability company that does not affirmatively elect to be treated as a corporation for federal tax purposes; and (4) A joint venture or general partnership.