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Reynold owns a residential apartment building that is a rental real estate activity. He owns no other activities and is an active participant with respect

Reynold owns a residential apartment building that is a rental real estate activity. He owns no other activities and is an active participant with respect to the rental activity. The building produces a $35,000 loss during the year. His AGI before considering the rental loss is $95,000. Steven may deduct the $35,000 loss in full against his active and portfolio income. a.True b. False

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