Question: The first step that must be completed to determine the allowable losses when a taxpayer has multiple passive activities is to determine one of the

The first step that must be completed to determine the allowable losses when a taxpayer has multiple passive activities is to determine one of the following.

Allowable loss from other passive activities.

Allowable loss from real estate activities with active participation.

Income or loss from each separate activity in the usual manner.

Alovable loss from rental real estate activities with significant participation.

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