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Ghosts on the ledger
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Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Screen 4835-3 - Farm Rental - Passive Activity Information (1120)
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General Information
Passive activity code
Select the appropriate activity type from the fieldview.
If you enter passive carryovers from entities coded 3, the application considers them former passive activities. Income and losses from former passive activities are reported as follows.
- If the current-year net income is less than the prior-year suspended losses, both prior-year suspended losses and current-year net income are reported on Form 8810.
- If the current-year net income is equal to or greater than the prior-year suspended losses, neither amount is reported on Form 8810.
- If there is a current-year net loss, only the prior-year suspended losses are reported on Form 8810.
note
Passive losses from this entity receive passive tax shelter farm treatment.
Aggregation group
Note that you cannot aggregate non-passive activities (code 3) if any of them have prior-year disallowed amounts.