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Tax Audit - Passive Activity Losses Edition Ebook

Passive Activity Losses

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E-book Category: Business, Law
E-book Title: Tax Audit - Passive Activity Losses Edition
Book Description: Provides examiners with specific guidance on potential audit issues, issue identification and lead sheets and other job aids. Examples and citation are based on 1994 law.

TABLE OF CONTENTS

INTRODUCTION v
WHAT'S NEW vii
SUMMARY OF EXHIBITS ix

CHAPTER 1 AN OVERVIEW OF THE LAW AND FORM 8582
Introduction 1-1
Two Types of Passive Activities 1-2
Activity Rules 1-3
Exceptions to the Loss Disallowance Rule 1-4
Participation Rules 1-5
Material Participation 1-6
Active Participation 1-6
Form 8582 1-7
Completion of Form and Worksheets 1-7
Audit Issues 1-9
Issue Identification 1-9
Summary 1-9

CHAPTER 2 RENTAL ISSUES
Introduction 2-1
Exceptions to Rental Activities 2-2
Equipment Rental Issues 2-3
Real Estate Issues 2-5
$25,000 Offset Issues 2-8
Limited Partner Issues 2-9
Vacation Rental Issues 2-10
Automatic Adjustments 2-10
Real Estate Professionals 2-15
Income From Self-Rented Property 2-18
Issue Identification 2-19
Summary 2-20

CHAPTER 3 MATERIAL PARTICIPATION
Introduction 3-1
Rules of Time 3-1
General Rule 3-1
Quantitative Time Tests 3-2
More Than 500 Hours 3-3
Substantially All Participation 3-4
100-500 Hours and More Than Anyone Else 3-4
Significant Participation Activity (SPA) 3-5
Computation of Overall Gain or Loss on SPAs 3-6
Any 5 of 10 Past years 3-9
Any 3 Years in Personal Service Activity 3-9
Facts and Circumstances 3-10
Limited Partners 3-10
Retired or Disabled Farmer and
Surviving Spouse of Farmer 3-12
Treatment of Former Passive Activities 3-12
Proof of Participation 3-12
Qualifying Participation 3-13
General Rule 3-13
Nonqualifying Time 3-14
Participation Issues 3-15
Issue Identification 3-15
Summary 3-16

CHAPTER 4 INCOME ISSUES
Introduction 4-1
General Rules 4-2
Nonpassive Income 4-2
Material Participation Activities 4-3
Portfolio Income 4-3
Personal Service Income 4-4
Recharacterization Issues 4-6
Nondepreciable Rental Property 4-6
Rental to Nonpassive Activity 4-7
Rental Incidental to Development Activity 4-8
Disposition Issues 4-9
General Rules 4-9
Losses 4-10
Nonqualifying Dispositions 4-11
Installment Sales 4-13
Substantially Appreciated Property 4-15
Multiple Activities in Past 12 Months 4-16
Dealer Rules 4-17
Issue Identification 4-17
Summary 4-18

CHAPTER 5 ENTITY ISSUES
Introduction 5-1
Partnerships 5-1
Limited Partnerships 5-2
Limited Liability Companies (LLC) 5-3
Publicly Traded Partnerships (PTPs) 5-4
Corporations 5-5
Material Participation for Corporations 5-5
Closely Held C-Corporations 5-6
Relief Provisions for Closely Held C-Corporations 5-8
Personal Service Corporations 5-8
S-Corporations 5-9
Consolidated Returns 5-9
Change in Corporate Status 5-10
Loss Determinations and TEFRA Issues 5-11
Taxable Years 5-13
Tiered Structures 5-13
Self-Charged Interest and Other Items 5-14
Effect of Regulations 5-15
Flow-Through Entity's Election 5-15
Dispositions of Partnership and S-Corporation Interests 5-16
Trusts and Estates 5-18
Issue Identification 5-18
Summary 5-19

CHAPTER 6 INTERACTION WITH OTHER CODE SECTIONS
Introduction 6-1
Basis and At-Risk Provisions 6-1
Rental of Personal Residence 6-2
Investment Interest 6-4
Net Operating Losses 6-6
Alternative Minimum Tax 6-7
Low Income Housing 6-9
Rehabilitation Credit 6-11
Oil and Gas 6-11
Casualty Loss 6-12
Summary 6-13

CHAPTER 7 ACTIVITY RULES
Introduction 7-1
Temporary Treasury Regulations 7-1
Final Regulations 7-2
Trade or Business Activity 7-3
Appropriate Economic Unit 7-3
Rental Activities 7-5
Limited Partners and Limited Entrepreneurs 7-7
Flow-Through Entities 7-8
Activities Conducted Through a Closely Held
C-Corporation or Personal Service Corporation 7-8
Consistency Requirement 7-8
Anti-Abuse Rule 7-9
Effect on Dispositions 7-10
Issue Identification 7-11
Summary 7-11

GLOSSARY G-1

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