Indicate whether the following statements are "True" or "False" regarding the rules designed to limit the tax benefits a taxpayer may obtain from a tax shelter investment. 1. The tax benefits associated with tax shelter investments are reduced by the at-risk provisions and the passive activity loss rules. 2. The passive activity loss rules only apply to individuals and personal service corporations. 3. A taxpayer's deductible loss from an activity for any taxable year is limited to the amount the taxpayer has at risk at the end of the taxable year. 4. Losses from passive activities that are disallowed in the current year may be carried forward to future years where they may provide a tax benefit. 5. In general, passive activity losses can only offset passive activity income.
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