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Revenue Procedure 2010-13

Earlier this year, the IRS released Revenue Procedure 2010-13 which requires taxpayers to report activities for the purposes of the passive activity loss (PAL) rules designated by IRC § 469 and Reg. § 1.469-4. As part of their annual tax return, taxpayers must formally disclose in writing, new groupings and regroupings, and the addition and subtraction of specific activities within existent groupings. Pre-existing groupings need not be disclosed unless a change has been made because the initial grouping was “clearly inappropriate” or due to a change in underlying material facts and circumstances.

The new rules are effective for tax years beginning on or after January 25, 2010.

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