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A QBU is any separate, clearly identified unit of a trade or business of a taxpayer that maintains separate books and records. A corporation is a QBU. An individual is not a QBU. The activities of an individual, however, will qualify as a QBU if these activities constitute a trade or business and a complete set of books and records is maintained with respect to the activities. A partnership, trust, or estate is a QBU of a partner or beneficiary.

Determining whether activities constitute a trade or business depends on all the facts and circumstances, but in general, a trade or business is a specific unified group of activities that constitute an independent enterprise carried on for profit. For individuals, the same type of activities apply to determine whether a trade or business exists, except that an activity that gives rise to business expense deductions is not considered a trade or business, nor are activities of an individual as an employee considered to constitute a trade or business. See examples in Treasury Regulation 1.987-1.