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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.
Required informationRefer to the information above. In a trial balance prepared at December 31, 2014 the total of the debit column is:$805,000.$780,000.$415,000.$390,000.
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