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passive

adj. referring to being inactive. A "passive trustee" is one who has no responsibilities other than to hold title or wait for an event which would activate the trust. "Passive income" for tax purposes includes any income in which there is no effort or active management, and is treated differently for some purposes, such as Social Security income limitations. It may include stock dividends, trust profits, rents with no management involvement and interest on bank accounts.


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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications

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