Presumably, if the amount of rent related activity rises to the level of a trade or business, even rental income would be seen to be a trade or business, reportable on schedule C and subject to SE tax.
 See Treas. Reg. 301.7701-2(c)(2)(i).
 See Rev. Proc. 2002-69, 2002-2 CB 831 (10/9/2002).
 See Haley v. Commissioner, 203 F.2d 815, 818 (C.A. 5, 1953); Aiken Mills v. United States, 144 F.2d 23 (C.A. 4, 1944); Tompkins v. Commissioner, 97 F.2d 396 (C.A. 4, 1938).
 See Treas. Reg. 301.7701-1(a)(2).
 One sees this argument particularly in connection with like kind exchanges under IRC §1031, in cases where the “partners” wish to liquidate the property and some want to utilize the §1031 deferrals, while others just want to “cash-out.” This is a problem as the like-kind exchange can only be accomplished by the owner (i.e., the LLC) and will impact all of the partners in the same manner.
 We will ignore the other two instances where taxpayers can elect out of Subchapter K, as they are not relevant to this discussion.
 See Treas. Reg. 1.761-2(a)(2).
 An LLC owned by more than one person is treated as an “other business entity” pursuant to Treas. Reg. 301.7701-2(c), i.e., not a corporation and not a disregarded entity for tax purposes.
 Treas. Reg. 1.761-2(a)(1) specifically excludes from this election out of Subchapter K “Any syndicate, group, pool, or joint venture which is classifiable as an association, or any group operating under an agreement which creases an organization classifiable as an association.”
 There is an additional collateral issue if QJV spouses elect to treat rental properties as QJV’s. Since they are, in essence, taking the position that the activity constitutes a business reportable on schedule C, the question arises as to whether the net rental income is then taxable for self-employment purposes. In a 2008 Chief Counsel Advice (CCA 200816030, 4/18/2008), the IRS, deferring to IRC §1402(a)(1), has clarified that if income is otherwise excludible from net earnings from self-employment under §1402(a), the election of QJV status does not convert such income to net earnings from self-employment.
 See CCS 200816030, Ibid.
 See page 2 of the 2010 instructions for form 1065.