Definition and Citations:
A regulation set by the IRS which forbits businesses to show losses that were incurred by passive activities on their balance sheets, so as to reduce the amount of taxes that htye would pay on the total income.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
A regulation set by the IRS which forbits businesses to show losses that were incurred by passive activities on their balance sheets, so as to reduce the amount of taxes that htye would pay on the total income.