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Grackle Corporation, a Personal Service Corporation, Had $230,000 of Net

Question 72

Multiple Choice

Grackle Corporation, a personal service corporation, had $230,000 of net active income, $40,000 of portfolio income and a $250,000 passive activity loss during the year. How much is Grackle's taxable income?


A) $20,000
B) $40,000
C) $270,000
D) $520,000
E) None of these.

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