net active income
Defined in 1 place of the United States Code.
For purposes of this paragraph, the term “net active income” means the taxable income of the taxpayer for the taxable year determined without regard to—
(i) any income or loss from a passive activity, and
(ii) any item of gross income, expense, gain, or loss described in paragraph (1)(A).
Source
- 1994–present26 U.S.C. § 469Internal Revenue Code · Passive activity losses and credits limited · for purposes of this section