Passive activity losses generally are limited to the extent of passive activity income for the year. Losses in excess of this income are suspended and used in future years when there is passive income to offset it. However, when there is a complete disposition of an activity, all suspended losses are deductible, regardless of the amount of passive activity income.
A joint tenancy in real property in the name of both husband and wife. On the death of one tenant, the survivor receives entire interest.