Question: Term Answer Description Gross income A . This term refers to passive income offset. Active income B . This term includes income from tax shelters.

Term

Answer

Description

Gross income A

.

This term refers to passive income offset.

Active income B

.

This term includes income from tax shelters.

Portfolio income C

.

This term refers to gross income less adjustments, deductions, and exemptions.

Passive income D

.

This term refers to an asset sold for more than its original value.

Investment expenses E

.

This term refers to earnings and capital gains generated from investment holdings.

Real estate or limited partnership expenses F

.

This term essentially includes all income subject to federal tax.

Capital gains G

.

This term refers to income earned on the job.

Sale of a home H

.

This term includes expenses that can only offset portfolio income.

Taxable income I. This is calculated by determining income subject to taxes less adjustments, deductions, and exemptions and applying the appropriate rate

(

) .

Tax liability J

.

To qualify for exclusion during this transaction, you must have owned and occupied for two of the five prior years.

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