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Peach Corporation Had $210,000 of Active Income, $45,000 of Portfolio

Question 93

True/False

Peach Corporation had $210,000 of active income, $45,000 of portfolio income, and a $230,000 passive loss during the current year. If Peach is a closely held C corporation that is not a PSC, it can deduct $210,000 of the passive loss in the year.

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