Examlex
RTI is a designed around an ongoing cycle of
Passive Activity
Economic activities in which the taxpayer does not materially participate, often associated with rental properties or certain business investments.
Ordinary Loss
A loss incurred in the normal operation of a business, which can be used to reduce other taxable income on an owner's tax return.
Itemized Deductions
Expenses that taxpayers can subtract from their taxable income, detailed on Schedule A of the tax return.
AGI
Adjusted Gross Income, a measure of income calculated from your gross income and used to determine how much of your income is taxable.
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