Elijah owns an apartment complex that he actively manages. Elijah paid $300,000 cash for the...
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Accounting
Elijah owns an apartment complex that he actively manages. Elijah paid $300,000 cash for the apartment complex three years ago. During 2015, the rental activity generated a loss of $30,000. How much of the loss can Elijah deduct in 2015 in both of the following independent cases?
a. Elijah has $80,000 of AGI (salary) before considerinig the loss by the apartment building
b.Elijah has $120,000 of AGI (salary) before considerinig the loss by the apartment building
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