1-Theta Corporation, a closely held corporation (not a PSC), had $120,000 of active income, $110,000 of portfolio income, and a $240,000 passive loss during the year. How much of the passive loss is deductible?

		None of the above.
		$120,000
		$240,000
		$110,000
		$0

1. Zeta, Inc., a calendar year taxpayer, suffers a casualty loss of $45,000. Zeta recovered insurance of $30,000. How much of the casualty loss will be a tax deduction to Zeta, Inc.?

   		$0
   		None of the above.
   		$45,000
   		$15,000
   		$14,900