Personal Service Corporations apply the passive activity loss rules at the shareholder level and not at the entity level.

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August 1, 2019
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August 1, 2019

Subject: Business    / Accounting

TXX5768

1)Which of the following statements is/are false?
A.

“Active participation” in rental real estate is synonymous with “material participation” for purposes of the passive activity loss rules.
B.

An individual taxpayer may offset up to $25000 of passive rental losses against non-passive income sources as long as the taxpayer meets the active participation standard with respect to a rental activity which the taxpayer owns at least a 10% interest.
C.

The $25000 allowance for losses on rental activities for individuals with active participation is completely disallowed when modified adjusted gross income exceeds $150,000.
D.

The $25000 allowance for rental losses for individuals with active participation BEGINS to be disallowed when the taxpayer’s modified adjusted gross income exceeds $100,000.
E.

All of the above statements are true.
F.

All of the above statements are false.
G.

Only A & D are false.

2)Which of the following statements is/are false?
A.

Personal Service Corporations apply the passive activity loss rules at the shareholder level and not at the entity level.
B.

C corporations apply the passive activity loss rules at the entity level and not the shareholder level.
C.

S corporations apply the passive activity loss rules at the entity level and not the shareholder level.
D.

Partnerships apply the passive activity loss rules at the partner level and not the entity level.
E.

All of the above are true.
F.

A & C are both false.
G.

A & D are both false.


 

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