Business, 19.12.2019 23:31 ianim207

Gray company, a closely held c corporation, incurs a $50,000 loss on a passive activity during the year. the company has active income of $34,000 and portfolio income of $24,000. if gray is not a personal service corporation, it may deduct $34,000 of the passive activity loss.
a. true.
b. false.

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Gray company, a closely held c corporation, incurs a $50,000 loss on a passive activity during the y...

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