When a Taxpayer Disposes of a Passive Activity by Gift

question 24

Essay

When a taxpayer disposes of a passive activity by gift, what happens to any unused passive activity losses?

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Definitions:

Parasympathetic Division

Part of the autonomic nervous system responsible for conserving energy and restoring the body to a state of calm after periods of stress or danger.

Preganglionic Neurons

Neurons of the autonomic nervous system that extend from the central nervous system to the autonomic ganglia.

Parasympathetic Division

Part of the autonomic nervous system responsible for rest and digestion functions, decreasing heart rate, and increasing intestinal activity.

Preganglionic Neurons

are neurons originating in the central nervous system that extend to autonomic ganglia, communicating signals to postganglionic neurons outside the central nervous system.