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Isaac is a single taxpayer with modified adjusted gross income of $140,000 and an active participation rental real estate loss of $30,000. If he has
Isaac is a single taxpayer with modified adjusted gross income of $140,000 and an active participation rental real estate loss of $30,000. If he has no other source of passive income, what is his adjusted special loss allowance for the year? A. $0 B. $5,000 C. $25,000 D. $30,000
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Montgomery Auditing Continuing Professional Education
Authors: Patrick J. McDonnell, Barry N. Winograd, James S. Gerson, Henry R. Jaenicke, Vincent M. O'Reilly
12th Edition
0471346055, 978-0471346050
