If an individual taxpayer's passive losses and credits relating to rental real estate activities cannot be used in the current year, then they may be carried
a) Forward indefinitely or until the property is disposed of in a taxable transaction.
b) Back 2 years or forward up to 20 years, at the taxpayer's election.
c) Back 2 years, but they cannot be carried forward.
d) Forward up to a maximum period of 20 years, but they cannot be carried back.
Answer : a) Forward indefinitely or until the property is disposed of in a taxable transaction.
You might also like to view...
Which of the following is the process individuals or groups go through to select, purchase, use, and dispose of goods, services, ideas, or experience to satisfy their needs and desires?
A) the consumer decision-making process B) the family life cycle C) cognitive dissonance D) consumer behavior E) extended problem solving
It is not possible to change an organization's corporate culture
Indicate whether the statement is true or false.