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Tax

Mar. 30, 2000

Passive Problems

Taxpayers who lease real or personal property to their closely held businesses should consult their tax advisers to ensure that they are properly reporting the rental income.

By Boyd D. Hudson
         In the course of operating a business, a common question is how to deal with assets used in the business. Many businesses lease the premises they occupy and the equipment they use in the business from third parties. However, it is not uncommon for the owners of a business to own the business equipment or real property and lease it to the business in return for l...

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