specified passive activity loss
Defined in 1 place of the United States Code.
For purposes of this paragraph, the term "specified passive activity loss" means, with respect to any specified partner of such publicly traded partnership, the lesser of—
(i) the passive activity loss of such partner which is separately determined with respect to such partnership under section 469(k) with respect to such partner's taxable year in which or with which the reviewed year of such partnership ends, or
(ii) such passive activity loss so determined with respect to such partner's taxable year in which or with which the adjustment year of such partnership ends.
Source
- 2017–present26 U.S.C. § 6225Internal Revenue Code · Assessments made only after partnership level proceedings are completed · for purposes of this title