Multiple Choice
A taxpayer had the following for the current year:
I.If the taxpayer is a closely held corporation,taxable income from the three activities is income of $6,000.
II.If the taxpayer is an individual and the passive income is not related to a rental real estate activity,taxable income is $36,000.
A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.
Correct Answer:

Verified
Correct Answer:
Verified
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