Joint ventures and electing out of Subchapter K:

• Tax partnerships;
  • Election out of Subchapter K;
  • Operating Agreements;
  • Requirements for election out of Subchapter K; and
  • Two ways to elect out of Subchapter K;
• Check the box regulations under 301.7701;
• Gas balancing agreements:
  • Purpose;
  • Accounting for imbalances;
  • Past industry practice; and
  • Cumulative gas balancing method.