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norm is a real estate professional with a real estate trade or business as defined in the tax law he has $80,000 of business income
norm is a real estate professional with a real estate trade or business as defined in the tax law he has $80,000 of business income and $40,000 in losses from actively managed real estate rentals how much of the $40,000 in losses is he allowed to claim on his tax return
a. $40,000
b. $25,000
c. $20,000
d. None
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option A is correc...
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