Which of the following individuals is not considered a relative for purposes of the related parties loss disallowance rules under sec. 267? a) brotherb) husbandc) sister-in-lawd) grandfather

C) sister-in-law

Explanation:

Loss disallowance is a set of rules created by the Internal Revenue Service (IRS) with the purpose of preventing a group of people involved in the same business from filing a single tax return, when it should file more, furthermore preventing that single tax return. tax is made on behalf of subsidiaries that wishes a loss deduction.

According to section 267 dealing with this rule, such loss deduction is only allowed when actions involve what they call a "related party" that are members of the taxpayer's family. Section 267 does not consider "In-laws" as family members.

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