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20 July, 21:03

Norm is a real estate professional with a real estate trade or business as defined in the tax law. He has $150,000 of business income and $50,000 of losses from actively managed real estate rentals. How much of the $50,000 in losses is he allowed to claim on his tax return?

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  1. 20 July, 21:15
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    Answer: the correct answer is $50,000

    Explanation: he is allowed to claim the 100% of his losses.
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