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Accounting

White Corporation, a closely held personal service corporation, has $150,000 of passive losses, $120,000 of active business income, and $30,000 of portfolio income. How much of the passive loss may White Corporation deduct?

A) $0.

B) $30,000.

C) $120,000.

D) $150,000.

E) None of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9432674

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