electing investment partnership
(5) Electing investment partnership For purposes of this subsection, the term “electing investment partnership” means any partnership if— (A) the partnership makes an election to have this subsection apply, (B) the partnership would be an investment company under section 3(a)(1)(A) of the Investment Company Act of 1940 but for an exemption under paragraph (1) or (7) of section 3(c) of such Act, (C) such partnership has never been engaged in a trade or business, (D) substantially all of the assets of such partnership are held for investment, (E) at least 95 percent of the assets contributed to such partnership consist of money, (F) no assets contributed to such partnership had an adjusted basis in excess of fair market value at the time of contribution, (G) all partnership interests of such partnership are issued by such partnership pursuant to a private offering before the date which is 24 months after the date of the first capital contribution to such partnership, (H) the partnership agreement of such partnership has substantive restrictions on each partner’s ability to cause a redemption of the partner’s interest, and (I) the partnership agreement of such partnership provides for a term that is not in excess of 15 years. The election described in subparagraph (A), once made, shall be irrevocable except with the consent of the Secretary.
26 USC § 743(e)(5)
None identified. Default scope is assumed to be the entire title.