Taylor, a single taxpayer, received $160,000 in salary, $15,000 in income from an S corporation in which
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Taylor, a single taxpayer, received $160,000 in salary, $15,000 in income from an S corporation in which Taylor does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Taylor materially participated. Taylor's modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible?
$0 | ||
$15,000 | ||
$25,000 | ||
$35,000 |
Expert Answer:
Related Book For 
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date:
