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Santiago is a single taxpayer with modified adjusted gross income of $140,000 and an active participation rental real estate loss of $25,000. If he has

Santiago is a single taxpayer with modified adjusted gross income of $140,000 and an active participation rental real estate loss of $25,000. If he has no other source of passive income, what is his adjusted special loss allowance for the year?

$5,000

$25,000

$40,000

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