Indicate whether the following statements are "True" or "False" regarding the rules designed to limit the tax benefits a taxpayer may obtain from a tax shelter investment. 1. The tax benefits associated with tax shelter investments are reduced by the at-risk provisions and the passive activity loss rules. 2. The passive activity loss rules only apply to individuals and personal service corporations. 3. A taxpayer's deductible loss from an activity for any taxable year is limited to the amount the taxpayer has at risk at the end of the taxable year. 4. Losses from passive activities that are disallowed in the current year may be carried forward to future years where they may provide a tax benefit. 5. In general, passive activity losses can only offset passive activity income.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answerprice ceiling;

Less then one year to achieve