Norm is a real estate professional with a real estate trade or business as defined in the tax law. He has $$150,000$ of business income and $$50,000$ of losses from actively managed real estate rentals. How much of the $$50,000$ in losses is he allowed to claim on his tax return?

a$.$ $$25,000$

b$.$ None

c$.$ $$50,000$

d$.$ $$20,000$