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Starling Corporation, a closely held personal service corporation, has $150,000 of active income, $60,000 of portfolio income, and a $165,000 passive loss during the year.
Starling Corporation, a closely held personal service corporation, has $150,000 of active income, $60,000 of portfolio income, and a $165,000 passive loss during the year. How much of the passive loss can Starling deduct in the current year? a. $0 b. $60,000 c. $150,000 d. $165,000 e. None of the above
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