My accountant told me that after attending a very recent tax
seminar, he was told that investment clubs with 25 or less
members no longer have to submit a club tax return (1065) to
the IRS, even though the club might be a partnership. Of
course, each member must accurately report income on their
individual tax returns. Not submitting 1065's was surprising
to him and to me. Has anyone else heard this? Ken Anderson

Rip West wrote:
> I agree with Ira. I know of no such 'change' in the IRS
> position. Every once in a while, someone misreads the tax code and comes up with
> the idea that investment clubs do not have to file tax returns. This happened in
> 1994, and the NAIC endorsed this recommendation. Subsequently, they had to
> retract, and we have been fighting the 'advice' not to file ever
> since.
>  
> Please go back to your source and try to get documentation
> for this.
>
> Rip West
> Saint Paul,
> MN
Ira and Rip,

Thank you very much for your valuable comments. Ken