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What amount of the rental losses may smith deduct

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Question - Becker CPA Review Course, Reg. 1) Smith has an adjusted gross income (AGI) of $120,000 without taking into consideration $40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?

Reference no: EM132095743

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