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_____ occur when long-run average cost declines as output increases.
Not a Passive Activity
Activities that involve significant participation and management by the taxpayer, hence not qualifying for tax treatments as passive activities.
Business Loss
A financial state where business expenses exceed its revenue, which can affect tax liabilities.
Deduct
To subtract or take away from the gross amount; in taxation, to lower taxable income by subtracting allowable deductions.
At-risk Amount
The investment in money or other property at risk in an activity, determining the deductible loss limit.
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