Passive Activity Losses Edition

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Passive Activity Losses Edition

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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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Item #4149115E

Price: ~~$106.51~~ Sale price $49.27