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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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