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All of the outstanding stock of a closely held C corporation is owned equally by Evelyn Humo and Steve Bufusno. In 2011, the corporation generates taxable income of $20,000 from its active business activities. In addition, it earns $20,000 of interest from investments and incurs a $40,000 loss from a passive activity.

How much income does the C corporation report for 2011?

a. $10,000 of portfolio income

b. $0

c. $20,000 of portfolio income

d. None of the above

Business Management, Management Studies

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