Business and Finance Homework
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I found the following. Does this contradict what you wrote previously?
469(e)(2)Passive losses of certain closely held corporations may offset active income.-Related Information - Federal
If a closely held C corporation (other than a personal service corporation) has net active income for any taxable year, the passive activity loss of such taxpayer for such taxable year (determined without regard to this paragraph)-
shall be allowable as a deduction against net active income, and
shall not be taken into account under subsection (a) to the extent so allowable as a deduction.
Thanks for the explanation. Are there any laws against at the Federal level against charging high rents?