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Abstract

Rising costs and declining storage fee income have combined to pose an unanticipated income tax issue for owners of commodity condominium storage units – are losses properly treated as trade or business losses (which are fully deductible against farm income) or as passive activity losses which can only be used to offset passive activity income?1 The issue is of considerable importance if a taxpayer does not have sufficient passive activity income to offset the passive activity losses from the condominium project.

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