Series 39 Practice Questions - Direct Participation Programs Principal Qualification Examination Exam

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A high-income client asks whether passive losses from one DPP can generally offset salary income from the client's job. What is the best answer?

Yes, passive DPP losses can always offset wages No, passive losses generally offset passive income, not earned income Yes, but only if the client is accredited No, because DPPs never generate deductible losses

Correct Answer:

No, passive losses generally offset passive income, not earned income

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