Examlex
The most important factor in the decision to take a case to trial is usually the
IRC
The Internal Revenue Code, which is the comprehensive set of tax laws in the United States governing federal tax obligations.
Active Income/Loss
Income or losses generated from direct business activities or employment, as opposed to passive income from investments.
Passive Income/Loss
Earnings from rental property, limited partnerships, or other enterprises in which the individual is not actively involved.
Passive Activity Loss Rules
Regulations that limit the amount of losses taxpayers can deduct from passive activities, such as rental properties, against other income.
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