Former passive activities (1120)

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A former passive activity is any activity that was a passive activity in a prior tax year, but is not a passive activity in the current tax year. UltraTax CS treats an activity as a former passive activity if you enter prior-year carryovers and a passive code of 3 (no limitation). UltraTax CS reports income and losses from former passive activities as follows:

Related topic: Passive activities overview

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