Please a research these discussion questions:

What is meant byrevenue neutrality?

Have nonrevenue factors had any impact upon the development of our taxation system? If so, how?

Why is personal saving desirable for the U.S. economy?

Chapter 2

Can a sole proprietor form as a single-member limited liability company (LLC)? If so, how would such an LLC be taxed?

Osprey Corporation, a closely held corporation, has $100,000 of net active income, $25,000 of portfolio income, and a $120,000 loss from a passive activity.

1. How much of the passive loss can Osprey deduct in the current year if it is a PSC?
2. If it is not a PSC?