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Scarinci Hollenbeck regularly publishes articles pertaining to legal updates affecting individuals and institutions in New York and New Jersey, and the world at large. Here you can find coverage for when we welcome new attorneys, significant wins we’ve secured on behalf of our clients, and general announcements.
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Rentals Not Treated as Passive Investment Income for S Corporation Purposes
Author: Frank L. BrunettiDate: July 12, 2017
In PLR 201725022, a corporation received rental income from its leasing of offices for medical and related services. The taxpayer intended the rental income from its maintenance-related operations as non-passive investment income under section 1362(d)(3)(c)(i).
X was incorporated as a C corporation. X had accumulated earnings and profits. X intended to elect to be an S corporation. X was in the business of acquiring, developing, leasing and managing commercial real estate, concentrating in medical office suites and clinics.
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