MCL 208.1105(2) and 208.1111(1)(v) exclude from business income and gross receipts income and receipts other than those received from transactions, activities, and sources in the regular course of the taxpayer's trade or business. This exclusion only applies to four classes of taxpayers:

1. Individuals;
2. estates;
3. partnerships organized exclusively for estate or gift planning purposes; and
4. trusts organized exclusively for estate or gift planning purposes.
    

Partnerships that demonstrate a business purpose are generally not organized "exclusively for estate or gift planning purposes." The income and receipts of such a partnership are not excluded from business income and gross receipts under MCL 208.1105(2) or 208.1111(1)(v).

Partnerships organized and operated as investment clubs are not organized "exclusively for estate or gift planning purposes." The income and receipts of such a partnership are not excluded from business income and gross receipts under MCL 208.1105(2) or 208.1111(1)(v).