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LSDefine

Simple English definitions for legal terms

passive activity

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A quick definition of passive activity:

Passive activity refers to a type of business activity where the person who owns it does not actively participate in it. This means they do not have immediate control over the income that comes from it. A common example of passive activity is when someone owns a property and rents it out, but they are not in the business of buying and selling properties.

A more thorough explanation:

Definition: Passive activity refers to a business activity in which the taxpayer does not actively participate and therefore does not have immediate control over the income.

For example, if someone owns a rental property but is not actively involved in managing it, then the income generated from that property is considered a passive activity. This is because the owner is not actively participating in the day-to-day operations of the rental property.

Another example of a passive activity is investing in stocks or mutual funds. The investor does not have any control over the management of the company or fund, and therefore the income generated from these investments is considered passive.

These examples illustrate the definition of passive activity because in both cases, the taxpayer is not actively involved in the business activity and does not have immediate control over the income generated from that activity.

passing on | passive adoption-registry statute

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19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
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