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What is Plums taxable income for the current year

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Reference no: EM132661032

Problem - In the current year, Plum, Inc., a closely held C corporation, has $410,000 of net active income, $20,000 of portfolio income, and a $75,000 passive activity loss. What is Plum's taxable income for the current year under the following circumstances?

a. Plum is a personal service corporation.

b. Plum is not a personal service corporation.

Reference no: EM132661032

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