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Masters Golf Tournament
An annual prestigious golf championship held at Augusta National Golf Club in the United States.
Passive Activity
Economic activities in which the taxpayer does not materially participate, often resulting in income or losses for tax purposes.
Rental Activity
Involves leasing property to others and is often subject to specific tax rules and reporting obligations, including the possibility of passive activity loss limitations.
Deductibility
Deductibility refers to the eligibility of an expense to be subtracted from gross income to reduce taxable income, based on IRS guidelines.
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