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It's important to determine material participation so the taxpayer is allowed to: a) deduct 50% of their operating expenses from gross income b) report only
It's important to determine material participation so the taxpayer is allowed to:
a) deduct 50% of their operating expenses from gross income
b) report only their business income on Schedule C
c) deduct business losses from other non-passive income
d) apply the passive loss limitation rules
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