- NY Credits : 6.0
- TX Credits : 6.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 6.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 6.0
Up-to-date coverage of an ever-changing area within the tax code, this course provides a tool for understanding IRC Section 469, which limits and controls any deductions for passive losses by the taxpayer. This course introduces which taxpayers are subject to the passive loss rule, clarifies separate activities from material participation and describes rental activities as they relate to passive losses. Further, this course describes the calculation for the phase-in and phase-out of passive losses and credits as well as other dispositions. Finally, this course details the recharacterization of net passive income. This intermediate level course is most appropriate for the professional with detailed knowledge in the taxation of passive losses or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
identify taxpayers subject to the passive loss rule,
determine separate activities and material participation,
identify rental activities,
determine phaseout/phase-in and passive losses and credits,
identify other dispositions, and
identify how to recharacterize net passive income.