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Question 7. 7. (TCO G) Lane, a single taxpayer, received $160,000 in salary, $15,000 in...

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Accounting

Question 7. 7. (TCO G) Lane, a single taxpayer, received $160,000 in salary, $15,000 in income from an S Corporation in which Lane does not materially participate, and a $35,000 passive loss from a real estate rental activity in which Lane materially participated. Lane's modified adjusted gross income was $165,000. What amount of the real estate rental activity loss was deductible? (Becker CPA Review Course)
$0 $15,000 $25,000 $35,000

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