Multiple Choice
During the current year, Violet, Inc., a closely held corporation (not a PSC) , has $55,000 of passive activity loss, $80,000 of net active income, and $20,000 of portfolio income. How much is Violet's taxable income for the current year?
A) $20,000
B) $45,000
C) $80,000
D) $100,000
E) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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