Read carefully:  What question did you THINK would be on the…

Read carefully:  What question did you THINK would be on the exam … but wasn’t.  Basically, you were sure I would ask this ONE thing–but you didn’t see it on the exam.    What was that question? What is the answer to the question you just wrote.   Why do you think that question is so important?    Have a wonderful break! 

Joey actively participates in the managing of his rental pro…

Joey actively participates in the managing of his rental property.His AGI is $125,000 for the current year and the rental real estate business had a loss of $20,000. What is Joey’s available loss against ordinary income assuming he has the required amount at risk?