In 2018, Glenn Recorded a $108,000 Loss on a Passive

question 23

Multiple Choice

In 2018, 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 2018, Glenn can deduct $108,000 for regular income tax purposes and for AMT purposes.
• B) Glenn reports a $108,000 tax preference in 2018 as a result of the passive activity.
• C) For regular income tax purposes, none of the passive activity loss is allowed in 2018.
• D) In 2018, Glenn reports a positive adjustment of $25,000 as a result of the passive activity loss.

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