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How much is violet taxable income for the current year

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Reference no: EM132827994

Problem 1: In the current year, Violet, Inc., a closely held corporation (not a PSC), has $55,000 of passive activity loss, $80,000 of net active income, and $20,000 of portfolio income. How much is Violet's taxable income for the current year?

a. $45,000

b. $100,000

c. $80,000

d. $20,000

Reference no: EM132827994

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