The passive activity loss rules require us to divide our trade or business activities into passive and non-passive buckets.
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The Rafalca story, for example, gave me the opportunity to explain both the hobby loss rules and the passive activity loss rules.
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Also deductible are investment interest, but only to the extent of investment income and trade or business interest (subject to the passive activity loss rules).
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To report your income and losses from passive activities on your tax return, use federal form 8582, Passive Activity Loss Limitations (downloads as a pdf).
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The companies involved in the ruling were making money, but the passive activity rules were relevant because of an AMT gotcha, that references the passive activity loss rules.
The Tax Reform Act of 1986 brought that to a crashing halt with the enactment of the passive activity loss rules (Section 469) which was a blow to real estate values.
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It concerns Code Section 469 (Passive Activity Loss Rules).
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It is actually a little easier for C corporations, which generally do not have to worry about at-risk and the passive activity loss rules, but the Third Circuit is cutting Pitnery Bowes off before they even get there.
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These expenses may even generate a net loss, subject to the passive activity limitations of Section 469.
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In 2010, Romney had plenty of passive-loss carryovers, so he is not trying to milk every loss on his return by hunting for passive-activity income either.
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