Sycamore corporation a closely held nonpersonal service

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Reference no: EM13577229

1. Sally sells a passive activity with an adjusted basis of $145,000 for $225,000. Suspended losses attributable to this property total $35,000. The total gain and the taxable gain are:

a.$80,000 total gain; $80,000 taxable gain.

b.$45,000 total gain; $45,000 taxable gain.

c.$80,000 total gain; $0 taxable gain.

d.$80,000 total gain; $45,000 taxable gain.

e.None of the above.

2. Sycamore Corporation, a closely held nonpersonal service corporation, has $300,000 of passive losses, $240,000 of active business income, and $40,000 of portfolio income. How much of the passive loss may Sycamore Corporation deduct?

a. $0.

b. $40,000.

c. $240,000.

d. $300,000.

e. None of the above

Reference no: EM13577229

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