If a Taxpayer Sells a Passive Activity with Suspended Passive

question 4

Multiple Choice

If a taxpayer sells a passive activity with suspended passive activity losses from prior years, what type of income can be offset by the suspended passive losses in the year of sale?

• A) Passive activity income
• B) Portfolio income
• C) Active business income
• D)Any of these types of income can be offset.
• E)None of these

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Definitions:

Foreign Key

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Primary Key

A unique identifier for each record in a database table, used to ensure that each record can be uniquely retrieved.

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Fifth Amendment

An amendment to the United States Constitution that provides several protections for people accused of crimes, including protection against double jeopardy, self-incrimination, and guarantees the right to due process.