Is it true that for tax years ending after 12/31/2004
Illinois investment clubs are exempt from the replacement
tax and no longer have to file IL-1065?

Secondly, I wonder if anyone knows whether the investment
income or loss from an investment club partnership is
treated as "business or nonbusiness" on the state K-1's.

This may well be a moot question in the coming years, but I
thought I would put it out there, because it seems like
every year I struggle with this interpretation.

Thanks.

AL