Multiple Choice
In 2017, Glenn recorded 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 2017, Glenn can deduct $108,000 for regular income tax purposes and for AMT purposes.
B) Glenn reports a $108,000 tax preference in 2017 as a result of the passive activity.
C) For regular income tax purposes, none of the passive activity loss is allowed in 2017.
D) In 2017, Glenn reports a positive adjustment of $25,000 as a result of the passive activity loss.
Correct Answer:
Verified
Correct Answer:
Verified
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