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14 March, 21:23

White Corporation, a closely held personal service corporation, has $150,000 of passive activity losses, $120,000 of active business income, and $30,000 of portfolio income. How much of the passive activity loss can White Corporation deduct? a.$0 b.$30,000 c.$120,000 d.$150,000 e. None of these choices are correct.

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  1. 15 March, 01:06
    0
    correct option is a.$0

    Explanation:

    given data

    passive activity losses = $150,000

    active business income = $120,000

    portfolio income = $30,000

    to find out

    how much passive activity loss can White Corporation deduct

    solution

    as per given we know that here white corporation is a Personal Service Corporation

    so that it is not deduct the passive loss against the portfolio income

    so correct option is a.$0
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