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Calculate Indigo taxable income for its current tax year

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Reference no: EM132649438

Problem - Indigo, Inc., a closely held C corporation, records the following income and losses for the current tax year.

Active income $325,000

Portfolio income 49,000

Passive activity loss 333,000

Required -

a. Calculate Indigo's taxable income for its current tax year.

b. Would the answer in part (a) change if the passive loss was only $320,000 rather than $333,000? Explain.

Reference no: EM132649438

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