To amend the Internal Revenue Code of 1986 to allow a married couple conducting an unincorporated trade or business to elect out of partnership status.

Amends the Internal Revenue Code to allow a married couple conducting an unincorporated trade or business to elect out of partnership status.

Allocates all related items of income, gain, loss, and credit equally between the spouses, unless they provide for a labor-based allocation.

Includes each spouse's share of income or loss in net earnings from self-employment.