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real property trades or business

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real property trades or business

Under the Internal Revenue Code,losses from passive activities have limited deductibility unless one is a real estate professional. The test for a real estate professional is whether the person spends the required amount of time in real property trades or businesses. With that background in mind, the expression includes development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operations, or management and brokerage of real estate.



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