If a taxpayer has passive loss carryover for an LLC with passive involvement, but in the next year, the taxpayer meets the active participation tests and the income is active, what happens to the Passive Activity Loss Carryover? Does that get release to offset the current year active income?
Off the top of my head, no I do not think so... It was passive when the carryover was created, therefore it is passive in the future, I e. It maintains its original status.. I may be wrong but this is Just my opinion...
You wouldn't believe how much Intuit has paid Bill over the years..........................................as a side note, he does need to kidnap an occasional snowman to make ends meet ------------------- that might help you figure how much Intuit has paid Bill. ☃️
I'd love to participate in the "Winter of a Thousand Snowmen" but north-east Indiana is 9+ inches behind on snowfall. Doesn't look promising for a white Christmas.
We received about a foot of snow a couple of weeks ago. It's been fairly warm the last couple of days and rained last night. That snow is quickly disappearing, but what is there is nice and sticky which means good snowman building material ------------- if you like dirty snowmen.
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