Runoff Is ____________________

question 22

Multiple Choice

Runoff is ____________________.

• A) the portion of water that flows over the land's surface into streams
• B) is the average annual flow level for a stream
• C) the level of stream flow following rainfall
• D) is the minimum amount of flow possible for a stream

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Definitions:

Net Passive Loss

The total loss from passive activities, exceeding the income from those activities, that cannot usually offset other types of income for tax purposes.

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.