passive asset
Defined in 2 places of the United States Code.
Except as otherwise provided in this section, the term “passive asset” means any asset held by the controlled foreign corporation which produces passive income (as defined in section 1296(b)) or is held for the production of such income.
Source
- 1994–present26 U.S.C. § 956AInternal Revenue Code · Repealed. Pub. L. 104188, title I, 1501(a)(2), Aug. 20, 1996, 110 Stat. 1825] · in this section
The term “passive asset” includes any stock in another corporation unless—
(I) such stock is treated as held by the decedent by reason of an election under paragraph (8), and
(II) such stock qualified under subsection (a)(1).
Source
- 1994–present26 U.S.C. § 6166Internal Revenue Code · Extension of time for payment of estate tax where estate consists largely of interest in closely held business · for purposes of this section
The term “passive asset” means any asset other than an asset used in carrying on a trade or business.
Source
- 1994–present26 U.S.C. § 6166Internal Revenue Code · Extension of time for payment of estate tax where estate consists largely of interest in closely held business · for purposes of this section