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Question - During the current year, woodchuck inc. a closely held personal service corp has a $ 115,000 of net activity income & 40,000 of portfolio income and $ 135,000 of passive activity loss. What is woodchucks tax income for the current year
a) &0
b) $20,000
c) $ 40,000
d) $ 155,000
e) none of the above
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