Sage inc. a closely held corporation that is not a psc has, Ask an Expert

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Sage, Inc., a closely held corporation that is not a PSC, has a $140,000 passive loss, $85,000 of active business income, and $35,000 of portfolio income. How much of the passive loss can Sage deduct?

a. $0.

b. $85,000.

c. $120,000.

d. $140,000.

e. None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445087

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