Thomas is an active participant in the rental condominium property he owns. During the year, the property generates a $15,000 loss. If Thomas has $120,000 of salary, $5,000 of long-term capital gains, $6,000 of dividends, and no additional sources of income or deductions, how much loss can Thomas deduct? Assume that Thomas has sufficient tax basis and at-risk basis to absorb the loss.

a. $25,000

b. $15,000

c. $9,500

d. $0