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In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive losses, $80,000 of active business income, and $20,000 of portfolio income. How much of the passive loss may Crow deduct in the current year?

a. $0.

b. $20,000.

c. $80,000.

d. $100,000.

e. None of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9405051

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