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August 2011 » Revenue Procedure 2010-13 Provides...
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Robert S. Barnett, CPA, JD, MS
Losses and credits attributable to passive activities are limited under Internal Revenue Code (IRC) section 469. Such losses and credits are limited to the income associated with the passive activities, and any excess losses are suspended and carried forward to subsequent years (IRC section 469[a][1],[b]). A passive activity is any activity involving the conduct of a trade or business in which the taxpayer does not materially participate. Material participation requires regular, continuous, and substantial involvement in the operations of the activity (IRC section 469[h][1]).
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