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Losses trust deducted were not from passive activity.

Publication: Journal of Accountancy
Publication Date: 01-NOV-03 		Format: Online - approximately 617 words
Delivery: Immediate Online Access

Article Excerpt
IRC section 469(a)(1) defines a passive activity as one involving the conduct of any trade or business in which the taxpayer does not materially participate. In section 469(a)(2), the statute describes a taxpayer as any

* Individual, estate or trust.

* Closely held C corporation.

* Personal service corporation.

In general, the IRS will treat a taxpayer as materially participating in an activity only if that taxpayer is involved in the operations on a regular, continuous and substantial basis.

The Mattie K. Carter Trust was established in 1956 under the will...

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