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Billy is a single taxpayer with modified AGI of $140,000 and an active participation rental real estate loss of $30,000. Assuming he has no other

Billy is a single taxpayer with modified AGI of $140,000 and an active participation rental real estate loss of $30,000. Assuming he has no other source of passive income, what is his adjusted special loss allowance?

1. $0

2. $5,000

3. $10,000

4. $15,000

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