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Sage,Inc,a Closely Held Corporation That Is Not a PSC,has a $140,000

Question 22

Multiple Choice

Sage,Inc.,a closely held corporation that is not a PSC,has a $140,000 passive loss,$85,000 of active business income,and $35,000 of portfolio income.How much of the passive loss can Sage deduct?


A) $0.
B) $85,000.
C) $120,000.
D) $140,000.
E) None of the above.

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