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Passive Losses

  • Credits: 10
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny C. Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01604-20-S | 6233-CE-0331 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© March 2020 General Understanding of Taxes Self-Study eBook

This course addresses the practical aspects of §469 and the needed skill to handle pragmatic issues. Fundamentals are reviewed, planning opportunities identified, creative strategies discussed, and evaluated along with remaining traditional approaches. The goal of this instructive program is to understand and solve problems under §469, with emphasis on tax savings ideas. Readers will overview the proper administration of this complex and often cumbersome provision.

Topics include:
  • Reasons for change from prior law
  • Categories of income & loss
  • Fully taxable disposition
  • General rule
  • Definition of “trade or business”
  • TRA ’86 committee report guidelines
  • Tax Reform Act of 1986
  • Undertakings of old temporary activity regulations
  • Aggregation of trade or business undertakings
  • Trade or business
  • Rental activity exemptions
  • Rental of a dwelling unit

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize the broad impact of the §469 limitation provision by: Recalling the differences between prior law loss treatment and the former and current treatment of losses; Citing the prior tax shelter problem and Congress’s motives and rationales in passing §469; Specifying economic decision-making changes caused by the limitation; Identifying income and loss into categories; and
  • Specify the mechanics of the passive loss rules, recognize the impact of §469 to appropriate deductions, identify what type of income may be offset by passive losses and then, determine a passive loss.
  • Recognize the suspension of disallowed losses, identify ways to ultimately "free up" passive losses, specify the treatment of passive credits including potential basis adjustment, and determine a fully taxable disposition indicating the impact of related party transactions.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: