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Randy owns rental property and is an active participant in the management & upkeep of the property. Unfortunately the property suffered a loss of $24,000.

Randy owns rental property and is an active participant in the management & upkeep of the property. Unfortunately the property suffered a loss of $24,000. If Randy's AGI is $150,000 for the current year, what is his available loss against ordinary income assuming he has the required amount at risk? 1. $12,500 2. $24,000 3. $0 4. $12,000.

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