Question

ulz Ihstructions 1 pts DQuestion 1 The tax break for losses from passive investments begins to phase out for taxpayers higher incomes True False
0 0
Add a comment Improve this question Transcribed image text
Answer #1

The statement is "False".

_____

Explanation:

As per the applicable rules, any amount of passive loss can be set off only against the income from passive investments. Any amount of unutilized passive loss can be carried forward to the future years and adjusted against the passive income (if any) of such years. It is important to note that passive losses cannot be set off against the taxpayer's ordinary income. Therefore, the question of phasing out of tax break for losses from passive investments doesn't arise and it can be concluded that the statement is false.

Add a comment
Know the answer?
Add Answer to:
ulz Ihstructions 1 pts DQuestion 1 The tax break for losses from passive investments begins to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT