Woodchuck, Inc., a closely held personaliserade corporation, has $115,000 of net active income, $40,000 of portfolio...

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Woodchuck, Inc., a closely held personaliserade corporation, has $115,000 of net active income, $40,000 of portfolio income,

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Answer 1

Answer #1

Answer-The correct option is c.$155,000.

Explanation:-Woodchuck's taxable income is:-

Net active income-$115,000

Portfolio income -$40,000

Taxable Income=$155,000

Personal service corporation can not offset passive activity losses.

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Answer 2

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Woodchuck, Inc., a closely held personaliserade corporation, has $115,000 of net active income, $40,000 of portfolio...

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