Finance

In 2008, Glenda had a $97,000 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 2008, Glenda can deduct $97,000 for regular income tax purposes and for AMT purposes.B. Glenda will have $97,000 tax preference in 2008 as a result of the passive activity. C. In 2008, Glenda will have a positive adjustment of $25,000 as a result of the passive loss. D. none of the above.

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  1. Glenda will have $97,000 tax preference in 2008 as a result of the passive activity

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    posted by Joe

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