1. Identify Taxpayer
2. Identify Activity
3. What is a "passive activity"?
4. Does taxpayer materially participate?
5. What are the passive loss rules?
6. Excep-tions
to passive loss treatment:
(a) Real
property trade or business
(b) Active
Involvement in real estate rental
7. Relation between "passive loss" rules and "at-risk" rules