Question: Richie is a wealthy rancher in Texas He operates his
Richie is a wealthy rancher in Texas. He operates his ranch through a grantor trust set up by his grandparents. Richie does not like to get his hands dirty, so he hires a professional management company to run the ranch. The property generated a $ 500,000 loss this year. Can Richie deduct this loss on his Schedule E given the material-participation rules of I. R. C. § 469?
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