Sec. 408. Passive activity losses and credits limited
85 words·~1 min read·
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Paragraph
(3)of section 469(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following: Subparagraph
(A)shall not apply to any taxpayer which has aggregate gross receipts for the taxable year in excess of $50,000,000. For purposes of clause (i), all persons treated as a single employer under subsections
(a)and
(b)of section 52 shall be treated as 1 person. . The amendment made by this section shall apply to taxable years beginning after December 31, 2012.