Aircraft ownership losses are typically classified by the IRS as passive activities, meaning they can only offset passive income unless the owner meets stringent material participation tests for ...

In his Real Estate Securities column, Peter M. Fass, a partner at Proskauer Rose, examines the material participation rules as they apply to multi-member limited liability companies and cautions that ...

With the increased number of LLCs operating today, the Treasury Department and the courts frequently are called upon to determine the correct taxation of these entities when they elect partnership ...

Question: My husband and I are in a high tax bracket and are looking at buying a couple of rental properties to lower our tax bill. Our understanding is that we can depreciate the properties and ...

When it comes to taxes, the difference between passive and nonpassive income is more than just terminology. The IRS treats these two categories very differently, and understanding the distinction can ...

If you own an aircraft and generate losses from it (through depreciation, loan interest, maintenance, hangar costs, and the dozen other expenses that come with ownership), you might assume those ...