A Loss Must First Be Allowed Under the Passive Activity

question 33

True/False

A loss must first be allowed under the passive activity loss rules and then must pass through the at-risk rules in order to ultimately be deducted on the tax return.

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Definitions:

George Creel

A journalist and politician who led the Committee on Public Information, a government agency during World War I which aimed to influence U.S. public opinion regarding the war.

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Speaking Tour

A series of public speaking engagements by an individual, often organized to share knowledge, promote ideas, or advocate for causes.

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A 19th-century American showman and businessman known for promoting celebrated hoaxes and founding the Barnum & Bailey Circus.