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In the case of an activity with respect to which any deductions or credits are...

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Accounting

In the case of an activity with respect to which any deductions or credits are disallowed for a taxable year:
The taxpayer may reduce the amount of passive income based on the number of dependents he or she has
The taxpayer absorbs the loss of the disallowed deductions permanently
The taxpayer may assign the loss to another taxpayer
The disallowed deductions are allocated among the activities for the next tax year in a manner that reasonably reflects the extent to which each activity continues the loss activity

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