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Sagot :
if a taxpayer's interest in a passive activity is transferred by gift, they are included in the property's foundation for the done.
Who is a taxpayer?
Any person or business that owes taxes to the federal, state, or local governments is referred to as a taxpayer.
Taxes on both individuals and businesses are the main source of funding for governments.
Taxpayers can be broadly divided into two groups: individuals and corporations.
Individuals - Taxpayers who must pay taxes on their income fall under this category.
Corporations: These taxpayers are required to pay tax on the profits they made from their business operations the previous year.
A corporation that is unqualified to choose or has chosen not to apply the system made available by this Directive is referred to as a non-taxpayer.
Learn more about taxpayer, here
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