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A Taxpayer Had the Following for the Current Year

Question 43

Multiple Choice

A taxpayer had the following for the current year: 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.
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.

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