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