PASSIVE ACTIVITY
This refers to an activity where taxpayers don’t materially participate during the tax year. The Internal Revenue Service or IRS describes two kinds of passive activity.
- A business or trade activities not materially participated in
- A rental activities even if the taxpayer materially participated in them, unless the taxpayer is a real estate professional.
IRS describes material participation as an involvement in the business activity on a regular, substantial, and continuous basis.
POPULAR TERMS
Dynasty Trust
Long-term trusts made to pass wealth from one generation to another without paying transfer taxes including estate and gift taxes. The trust can su ...
C&I
Loan made to a business or company, not to an individual, which provides either working capital or finances key capital expenditures. Usually short ...
Hypermarket
Hypermarket is a combination of a department store and a grocery supermarket. A hypermarket offers various products like clothing, groceries, and a ...
Assets Under Management
The asset's market value which an investment company handles on behalf of investors. Assets Under Management (AUM) is perceived as a scale of s ...
Business Income Coverage Form
Insurance policy which covers a loss of income a firm incurs due to a slowdown or temporary suspension of its operations because if damage to its p ...
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