Brandon,a Single Taxpayer,had a Loss of $48,000 from a Rental

question 80

Multiple Choice

Brandon,a single taxpayer,had a loss of $48,000 from a rental real estate activity in which he actively participated.He also had $27,000 of income from another rental real estate activity in which he actively participated.He acquired both investments in 2014.If Brandon has no other passive income or losses and has adjusted gross income of $84,000 before considering passive activities,how much loss from rental activities can he use to offset his nonpassive income?

• A)$21,000
• B)$24,000
• C)$25,000
• D)$45,000

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Definitions:

John Brown

An American abolitionist leader known for his role in the Bleeding Kansas conflict and his raid on Harpers Ferry, aiming to initiate a slave rebellion.

American Identity

The collective understanding of what it means to be American, characterized by shared values, traditions, and beliefs that define the national character of the United States.

Culturally Unique

Possessing distinctive traits, traditions, or characteristics that set a group or region apart from others in terms of culture.