200810206L




October 20, 2008

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Dear **************:

Thank you for your letter concerning joint ventures.  I apologize for the 
lengthy delay in response.

You ask if a joint venture whose ownership is of natural persons with a common 
interest is subject to the revised franchise tax.

A joint venture that is wholly and directly owned by natural persons is not a 
taxable entity and is not subject to the franchise tax.

We have posted frequently asked questions and answers that might be helpful to 
you on our web site at 
http://window.state.tx.us/taxinfo/franchise/ft_revised.html. We regularly 
update this site. You will also find links to the franchise tax statute, 
adopted rules, publication 98-806, Revised Franchise Tax Overview and a 
calculator that may be used to estimate a taxable entity's potential tax 
liability based on the margin calculation.

If you have questions about this, please call me at (800) 531-5441, ext. 59952. 
 You may write me at Tax Policy Division, Comptroller of Public Accounts, P.O. 
Box 13528, Austin, Texas 78711-3528. 

Sincerely,


Teresa Bostick
Tax Policy Division




ACCESSION NUMBER: 200810206L
SUPERSEDED: N
DOCUMENT TYPE: L
DATE: 10/20/2008
TAX TYPE: FRANCHISE