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During the Current Year, Barney Loses $5,000 While Gambling

Question 117

Multiple Choice

During the current year, Barney loses $5,000 while gambling. His gambling winnings for the year are $2,000. What is his gambling loss deduction assuming he is single and has other itemized deductions of $15,000?


A) $0
B) $2,000
C) $3,000
D) $5,000

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