In 2013,Glenn had 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 2013,Glenn can deduct $108,000 for regular income tax purposes and for AMT purposes.
B) Glenn will have a $108,000 tax preference in 2013 as a result of the passive activity.
C) For regular income tax purposes,none of the loss is allowed in 2013.
D) In 2013,Glenn will have a positive adjustment of $25,000 as a result of the passive loss.
E) None of the above.
Correct Answer:
Verified
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