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Joint venture
An enterprise participated in by associates acting together, there being a community of interests and each associate having a right to participate in its control or management. For income tax purposes, a joint venture is treated in all respects as a partnership, not taxable in its own capacity, but regarded as a taxpayer for the purpose of computing its taxable income, which is distributable among the associates in the proportions agreed upon. Such distributive shares are reported by the associates on their individual income tax returns.