A Passive Activity Includes Any Rental Activity or Any Trade

question 92

True/False

A passive activity includes any rental activity or any trade or business in which the taxpayer does not materially participate.

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Definitions:

Strategic Thinking

The process of analyzing critical factors and variables that will affect the long-term success of a business, policy, or project and setting long-term goals.

Corporate Secretary

An executive officer responsible for overseeing administrative functions and ensuring compliance with statutory and regulatory requirements.

Corporate Clerk

A corporate officer responsible for maintaining the records and administrating the daily operations of a corporation.

Bookkeeper

A person responsible for recording the financial transactions and maintaining the accounting records of a business.