Question
Lime Corporation, a closely held C corporation that is not a PSC, had $82,000 of net active income, $70,000 of portfolio income, and a $100,000
Lime Corporation, a closely held C corporation that is not a PSC, had $82,000 of net active income, $70,000 of portfolio income, and a $100,000 passive activity loss during the year. How much of the passive activity loss can Lime Corporation deduct in the current year?
a. $152,000
b. $0
c. $70,000
d. $82,000
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Ethical Obligations And Decision Making
Authors: Steven Mintz
1st Edition
0078025281, 9780078025280
