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23. Passive investment income: a. Include gross receipts derived from royalties, rents, dividends, interests, and annuities. b. Does not include interest on any obligation acquired
23. Passive investment income: a. Include gross receipts derived from royalties, rents, dividends, interests, and annuities. b. Does not include interest on any obligation acquired in the ordinary course of the corporation's trade or business or from the sale of inventory. c. Does not include any recognized built-in gain or loss of the S corporation for any tax year during the recognition period. d. All of the above
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