1) A taxpayer who has rental losses $300,000 and also activiely manages the rental property should be allowed to deduct rental loss againist other income if his/her AGI ( Adjusted Gross Income ) is 140,000. THe maximum amount allowed per year is

a) $0

b) $25,000

C) $10,000

d) $100,000

e) 5,000

2) Reed has active modified adjusted gross income ( MAGI) before passive losses of $200,000. He has a loss of $12,000 on rental property he actively manages. How much of the loss is he allowed to take againist the $200,000 of other income?

a) $25,000

b) $12,000

c) $15,000

d) None

3) Jane has a Roth IRA held longer than 10 years to which she has contributed $55,000. The IRA has a current value of $98,000. Jan is 45 years old and she takes distribution of $70,000 after retiring on disability. How much of the distribution will be taxable to Jane?

a) $15,000

b) $70,000

c) $98,000

d) $0