Fundamentals of Taxation 2017
Quiz 13: At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax
Two Equal Partners Involved in a Passive Activity with Identical
Two equal partners involved in a passive activity with identical passive losses from that activity may be allowed to deduct different amounts of the losses on their own tax returns.
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The passive activity loss rules require income/loss items to be separated into two categories: active income/loss and passive income/loss.
Jon is in the car rental business.Most of his customers rent cars on a daily basis.Jon's car rental business is considered a passive activity since rental activities are always treated as passive activities.
Libby owns and operates Mountain View Inn,a bed and breakfast.Libby's inn is not considered a passive activity.
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