Billion, et al. v. Comr., 827 N.W.2d 773 (Minn. Ct. App. 2013)

(plaintiffs claimed deduction for carryover passive activity losses incurred by S corporation; plaintiffs were passive investors in S corporation; while state (MN) law recognizes deduction for net operating losses (including carryover amounts), MN law does not recognize losses for passive activity losses).