Question 12 (1 point) Listen Jack was allocated a loss by the real estate limited partnership in which he is a limited partner. Because Jack is not a material participant in this activity, what is the tax treatment of the loss? O Deduct only against investment income from his land in Wyoming O Deductible against his salary and investment income Deduct only against investment income from interest, dividends, and capital gains Not deductible, because the loss is from a passive activity and Jack has no passive income