Question
A trustee of a testamentary trust owns title to an apartment complex. The trustee also owns title to nine other apartment complexes in his individual
A trustee of a testamentary trust owns title to an apartment complex. The trustee also owns title to nine other apartment complexes in his individual name, not the name of the trust. While the trustee devotes virtually every day to managing these ten properties, he has a staff of ten people who assist him. The apartment complex that the trust owns generates a $600,000 loss for the tax year in question. on the basis of these facts, would the loss generated be deemed active or passive?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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