Match Each Statement with the Correct Term Below

question 105

Multiple Choice

Match each statement with the correct term below.
-Active participant

• A)A loss that is generally not deductible.
• B)The borrower is personally liable for the debt.
• C)The loss is used to offset income in future periods.
• D)A liability that is only secured by the underlying property.
• E)The loss may be used to offset income from prior periods.
• F)A type of stock that receives some ordinary loss treatment.
• G)Involved in a rental activity for more than 500 hours in a year.
• H)Cash or other assets contributed plus recourse debts of the activity.
• I)Owns at least a 10% interest and is significantly involved in the rental activity.
• J)The amount of the loss for fully destroyed property is the property's adjusted basis.
• K)The amount of loss is limited to the lower of the property's adjusted basis, or the reduction in fair market value.
• L)Management is left to at least one general partner whose liability is not limited and who is responsible for the on-going activities of the business.

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Definitions:

FMVSS-108

Federal Motor Vehicle Safety Standard 108, outlining requirements for automotive lighting, reflective devices, and associated equipment in the United States.

Bogie

Tandem-axle undercarriage and associated suspension linkage.

Trailer Load

The weight or cargo that a trailer is carrying or capable of carrying, important for safety and regulatory compliance while towing.

Tractor Suspension

The system in a tractor that absorbs shocks and vibrations from the ground, improving comfort for the driver and stability of the vehicle.