Barry Rhodes has a salary of $123,000 and $2,000 in dividends, for a total adjusted gross income
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Barry Rhodes has a salary of $123,000 and $2,000 in dividends, for a total adjusted gross income of $125,000. He also has two real estate investments that he acquired this year:
(a) A limited partnership with losses of $31,000,
(b) A real estate project in which he actively participates and owns 27%, with his share of losses equal to $18,000. How much of his losses can he deduct from the income on a joint return?
- A. $25,000
- B. $12,500
- C. $0
- D.$18,000
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