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Philip is a single taxpayer with modified AGI of $135,000 and an active participation rental real estate loss of $30,000. Assuming he has no other

Philip is a single taxpayer with modified AGI of $135,000 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? $0 $5,000 $7,500 $25,000

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