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Why are annual temperature ranges near the southern tip of Greenland,in the Bearing Sea,northern Iceland,South Georgia Island,and northern Norway low despite their high latitude?
Passive Loss Rules
Tax regulations that limit the amount of passive activity losses (from investments in which the taxpayer does not materially participate) that can be deducted in a given year.
Materially Participates
In terms of tax law, an individual's active and regular involvement in the operations of a business, affecting eligibility for certain tax deductions.
Passive Activity
Economic activities in which the taxpayer does not materially participate, often producing income subject to special tax rules.
Materially Participate
Involvement in the operations of a business or activity in a regular, continuous, and substantial way, affecting the tax consequences.
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