For Purposes of the Application of the Passive Loss Limitations,a

question 87

True/False

For purposes of the application of the passive loss limitations,a closely held C corporation is a C corporation where more than 50 percent of the stock is owned by five or fewer individuals at any time during the last half of the taxable year.

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Definitions:

Fraud

A deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right.

Misrepresentation

The act of giving false or misleading information about a matter of fact, which may induce someone to enter into a contract or make a decision they otherwise might not have made.

Rescinds

To annul, rescind, or abolish a law, order, or agreement.

Deceit

A tort involving intentional misrepresentation or cheating by means of some device.