Examlex
For James,one's stream of consciousness ____.
Passive Losses
Losses incurred from business activities in which the taxpayer does not materially participate, often from real estate.
Partnership
A legal arrangement in which two or more people share ownership of a business, including its profits, losses, and responsibilities.
Tax Preference Items
Items or income types that receive preferential tax treatment, often reducing the tax liability for an individual or entity.
AMT Calculation
The process of determining the amount of Alternative Minimum Tax an individual or corporation owes by adjusting certain tax preference items and deductions.
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