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On this edition, Jeff Toberer, counsel for the petitioner in Garnett v. Comm'r, a U.S. Tax Court case challenging the established IRS position on passive loss rules. Mr. Toberer discusses the passive investment presumption, how the presumption applies or should not apply to certain taxpayer interests, and how the presumption's validity turns on key facts and circumstances related to the taxpayer's material participation. Copyright© 2009 LexisNexis, a division of Reed Elsevier Inc.
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View a related commentary featured on this site for additional insight into the Application of the Passive Activity Loss Rules to LLC Members.
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