Charles owns an apartment building and incurred a $15,000 rental loss. Charles has no other passive activities and is not a real estate professional but does actively participates in renting the building. His wage income is $70,000 and his portfolio income is $10,000.

What amount of rental loss is allowed?

$35,000

$25,000

$15,000

$0

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Anthony, who is single, sells his personal residence where he has lived for the past 25 years for $600,000. If Anthony's adjusted basis in the property is $250,000 and his selling expenses are $20,000, what are Anthony's realized and recognized gains?

Realized $330,000

Recognized $0

Realized $350,000

Recognized $350,000

Realized $330,000

Recognized $330,000

Realized $330,000

Recognized $80,000