Profits only p'ship interest

What is the name of your state? Indiana

What if someone holds both a capital interest and a profits only interest in a partnership...are they treated as one "hybrid" interest for purposes of Sec. 83 for which a Sec. 83(b) election would be required or would they be treated as separate interests and thus no 83(b) election would be required pursuant to Rev. Procs. 2001-43 and 93-27? Thanks.

You ask an exceedingly precise question using imprecise language. There are many variables and I'm not even sure the point you are trying to get at is key. Maybe someone will hazard a guess--but I cannot. I bet anyone who has any knowledge of the election and the timing of taxability of an interest won't either. Give the facts if you want a chance of a reasonable answer. When you have already concluded things in this way, you can read the code, regs and procedures as well as anyone else.

(Although I believe both can be property which an election can be made per 2005-43.)

In hypo form:

I have a capital interest in a partnership. I then receive a profit only interest in a partnership in exchange for my services. Will those interests be viewed as separate interests and thus I will not have to make an 83(b) election with regard to the profit only interest pursuant to the cited rev procs or will they be characterized as one interest thus requiring the 83(b) election.

I understand what is happening in general, that's why you are even talking about the election. (Which is usually dealing with stock.) What is your goal? What are you trying to prevent? Why do you have a capital interest without a profit interest? Are you already a partner making this potentially a related transaction? Many others. Look up the notice I provided (Notice 2005-43). Then you can apply your facts to the law.