At One Time, Teaching Certifications Were Issued for Life

question 28

Multiple Choice

At one time, teaching certifications were issued for life.Most states now issue certificates valid for __________ years, based on the need for increased standards.

• A) 1-3
• B) 8-10
• C) 10-12
• D) 3-5

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Definitions:

Passive Loss Rules

Tax regulations that limit the amount of passive activity losses (from investments in which the taxpayer does not materially participate) that can be deducted in a given year.

Materially Participates

In terms of tax law, an individual's active and regular involvement in the operations of a business, affecting eligibility for certain tax deductions.

Passive Activity

Economic activities in which the taxpayer does not materially participate, often producing income subject to special tax rules.

Materially Participate

Involvement in the operations of a business or activity in a regular, continuous, and substantial way, affecting the tax consequences.