profits interest
(3)The permitted holdings of a private foundation in any business enterprise which is not incorporated shall be determined under regulations prescribed by the Secretary. Such regulations shall be consistent in principle with paragraphs (2) and (4), except that— (A)in the case of a partnership or joint venture, “profits interest” shall be substituted for “voting stock”, and “capital interest” shall be substituted for “nonvoting stock”, (B)in the case of a proprietorship, there shall be no permitted holdings, and (C)in any other case, “beneficial interest” shall be substituted for “voting stock”.