The Excess Loss Limitations Apply to Owners of All of the Following

question 52

Multiple Choice

The excess loss limitations apply to owners of all of the following entities except which of the following (answer for tax years other than 2020) ?

• A)C corporations
• B)S corporations
• C)Entities taxed as partnerships
• D)Single-member LLCs (owned by an individual taxpayer)

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Definitions:

Clozapine

An atypical antipsychotic medication used in the treatment of schizophrenia, particularly effective in patients unresponsive to other drugs.

Atypical Antipsychotic

A class of medication used to treat psychiatric conditions by altering brain chemistry, less likely to cause certain side effects compared to traditional antipsychotics.

Clozaril

A brand name for clozapine, an atypical antipsychotic medication used to treat schizophrenia.

Second-Generation Antipsychotic

A class of medications used primarily to manage psychosis, including drugs introduced since the 1990s that often have fewer side effects than first-generation antipsychotics.