Multiple Choice
In 2015,Glenn had a $108,000 loss on a passive activity.None of the loss is attributable to AMT adjustments or preferences.She has no other passive activities.Which of the following statements is correct?
A) In 2015,Glenn can deduct $108,000 for regular income tax purposes and for AMT purposes.
B) Glenn will have a $108,000 tax preference in 2015 as a result of the passive activity.
C) For regular income tax purposes,none of the loss is allowed in 2015.
D) In 2015,Glenn will have a positive adjustment of $25,000 as a result of the passive loss.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q69: Bianca and David have the following for
Q70: Celia and Christian,who are married filing jointly,have
Q71: Akeem,who does not itemize,incurred a net operating
Q72: Gunter,who is divorced,has the following items for
Q73: Mitch,who is single and age 66 and
Q76: Wallace owns a construction company that builds
Q77: Tad and Audria,who are married filing a
Q78: Caroline and Clint are married,have no dependents,and
Q79: Robin,who is a head of household and
Q92: Vinny's AGI is $250,000.He contributed $200,000 in