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Peach Corporation had $210,000 of net active income, 545,000 of portfolio income, and a $230,000 pastive loss during the current year. If Peach is a
Peach Corporation had $210,000 of net active income, 545,000 of portfolio income, and a $230,000 pastive loss during the current year. If Peach is a closely held corporation that is not a PSC, it can deduct $210,000 of the passive loss in the year. True False
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
8th Edition
0470929383, 978-0470929384
