eBook Discussion Question 11-4 (LO. 3) assifying each of the following activities Explain the meaning of the terms active income, portfolio income, and passive activity income by as "Active Income", "Portfolio Income", or "Passive Activity Income". Passive Activity Income Activity a. Any trade or business or income-producing activity in which the taxpayer does not materially participate b. Wages, salary, commissions, bonuses, and other payments for services rendered by the taxpayer. c. Gain on the sale or other disposition of assets used in an active trade or business Active Income Active Income d. Interest, dividends, annuities, and royalties not derived in the ordinary course of a trade Portfolio Income or business e. Gain or loss from the disposition of property that produces portfolio income or is held for investment purposes. Income from intangible property if the taxpayer's personal efforts significantly contributed to the creation of the property 9. Profit from a trade or business in which the taxpayer is a material participant. h. Subject to certain exceptions all rental activities, whether the taxpayer materially participates or not. Previous