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 the above
Correct Answer:
Verified
Correct Answer:
Verified
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