(Answered) A taxpayer has the following income losses for the current

Management Studies

A taxpayer has the following income (losses) for the current year:

1. Active Income: $98,000

2. Portfolio Income: $22,000

3. Passive Income: $(30,000)

What is the taxable income (loss) of the taxpayer if:

a. The taxpayer is a publicly held corporation?

b. The taxpayer is a closely held corporation?

c. The taxpayer is an individual and the passive income is not from a rental activity?

d. The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.

e. The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?

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